日本央行再次维持利率不变 日债周五多数下行

Core Viewpoint - The Bank of Japan has maintained its policy interest rate at 0.5%, aligning with market expectations, amidst ongoing uncertainties regarding the impact of U.S. tariffs on the Japanese economy [1][2]. Interest Rates and Bond Yields - The Bank of Japan has kept interest rates unchanged for four consecutive meetings, citing uncertainties related to U.S. import tariffs, even after the U.S. reduced tariffs on Japanese automobiles to 15% [2]. - As of the latest data, the 2-year Japanese government bond yield rose by 3.8 basis points to 0.918%, while the 10-year yield increased by 4 basis points to 1.64%. The 30-year yield, however, fell by 3.5 basis points to 3.159% [1][2]. Inflation Trends - Japan's overall inflation rate decreased from 3.1% in July to 2.7%, marking the lowest level since November 2024. The "core-core" inflation rate, which excludes fresh food and energy prices, fell to 3.3% from 3.4% in July [3]. - The Bank of Japan noted a "moderate" rise in inflation expectations, influenced by rising food prices, with core inflation projected between 2.5% and 3% [2][3]. Financial Market Developments - Japanese stock prices have risen, boosting the financial assets held by individuals in Japan, which totaled approximately 223.8 trillion yen (about 1.52 trillion USD) in Q2, reflecting a 1% year-on-year increase. Stock holdings grew by 4.9%, and investment trusts increased by 9% [3]. - Recent data indicated that Japanese investors net purchased 1.4785 trillion yen in overseas long-term bonds while reducing short-term bonds, while foreign investors increased their holdings of Japanese long-term bonds by 845.3 billion yen [3]. U.S. Treasury Holdings - As of the end of July, Japan held 1.1514 trillion USD in U.S. Treasury securities, an increase of 3.8 billion USD from the previous month and up 57.9 billion USD year-on-year, making Japan the largest foreign holder of U.S. debt [4].