荷兰国际：东京通胀降温但维持高位 日本央行加息路径不改

Core Viewpoint - Tokyo inflation has cooled but remains at a high level, supporting the Bank of Japan's policy normalization [1] Group 1: Inflation Trends - Tokyo's core inflation pressure remains high despite government measures to stabilize prices [1] - The recent decline in Tokyo's inflation is not sufficient to alter the Bank of Japan's current policy stance [1] Group 2: Monetary Policy Outlook - The Bank of Japan is expected to maintain its current policy and not raise interest rates in the immediate future [1] - The focus is shifting towards the quarterly outlook report and comments on the US-Japan trade agreement [1] - The Bank of Japan is likely to revise its core inflation forecasts for fiscal years 2025 and 2026, excluding energy [1] Group 3: Trade Agreement Implications - The US-Japan tariff agreement is viewed as a negative for the economy, but it may reduce uncertainty, which the central bank could welcome [1] - The decision regarding interest rate hikes remains challenging, but October is still seen as the most likely time for an increase [1]