信安资管：料日本央行将稳定置于任何风险之上多于过早紧缩

Core Viewpoint - The Bank of Japan (BOJ) is maintaining a cautious stance, prioritizing stability over premature tightening, despite signs of rising inflation expectations and improving household demand [1] Group 1: Economic Conditions - Global central banks are at different stages of the economic cycle, with the BOJ facing domestic price pressures and a more volatile external environment [1] - The BOJ is concerned about the impact of rising inflation on consumption, while the Federal Reserve focuses on the persistence of inflation driven by tariffs [1] Group 2: Policy Challenges - There are challenges in translating stimulus measures into sustained growth and consumption, despite some signs of progress [1] - The market is beginning to anticipate significant policy measures to be taken around October, but the BOJ remains cautious [1] - Policymakers appear to be seeking time to assess the evolution of potential dynamics, given the slowdown in consumption recovery [1]