日本央行：不变！

Core Viewpoint - The Bank of Japan decided to maintain the benchmark interest rate at 0.5% and began selling its ETF holdings, marking the fifth consecutive meeting of no change, aligning with market expectations [1][2]. Group 1: Economic Context - The decision to keep the interest rate unchanged is influenced by domestic political uncertainties, global economic changes, and persistent inflation pressures [2]. - Japan's core Consumer Price Index (CPI) rose by 2.7% year-on-year in August, down from 3.1% in July, marking the lowest level since November of the previous year [2]. - The core CPI, excluding fresh food, indicates strong inflation momentum, while food inflation remains a drag on overall inflation [2]. Group 2: Monetary Policy Insights - The Bank of Japan acknowledges signs of economic weakness but maintains that the economy is on a path of moderate recovery, with stable private consumption and moderate growth in capital expenditure [3]. - Two members of the Bank of Japan's policy board expressed a hawkish stance, advocating for a 25 basis point rate hike to 0.75%, citing rising price risks [4]. Group 3: Market Reactions - Following the announcement, the USD/JPY exchange rate fell by 0.3% to 147.53, while the Nikkei 225 index reached a historical high, increasing by 1.19% [5]. - The market anticipates another rate hike from the Bank of Japan within the year, with focus shifting to the implications of the upcoming October meeting [5].