美联储惊吓了日本股市，但未撼动日本央行！

Group 1 - The Federal Reserve's recent decision to lower the federal funds rate by 25 basis points to a target range of 4.00% to 4.25% marks the beginning of a new easing cycle aimed at stimulating economic growth and stabilizing the job market in response to deteriorating employment data and easing inflation pressures [2] - Following the Fed's announcement, the Japanese yen experienced fluctuations against the US dollar, impacting Japanese export companies as a stronger yen could reduce import costs but weaken the price competitiveness of exports [2][3] - The Japanese stock market initially rose, with the Nikkei 225 index reaching a historical high, but reversed course after the Bank of Japan decided to maintain its benchmark interest rate at 0.5% for the fifth consecutive meeting while announcing the sale of approximately 330 billion yen in ETF assets annually [3][4] Group 2 - The Bank of Japan acknowledged signs of economic weakness but stated that the economy is on a path of moderate recovery, with stable private consumption and moderate growth in capital expenditure [4] - Japan's consumer price index (CPI) for August fell to 2.7%, down from 3.1% in July, indicating a potential stagnation in inflation, which the Bank of Japan expects to gradually rise [4] - The yield on 2-year Japanese government bonds reached 0.885%, the highest since June 2008, reflecting market adjustments to Japan's economic outlook and expectations of future monetary policy changes [4][5] Group 3 - The rapid appreciation of the yen poses risks to Japanese corporate profit margins and economic recovery, while the Bank of Japan is cautious about excessive yen depreciation due to potential inflationary pressures [5] - Political instability in Japan, following the resignation of Prime Minister Shigeru Ishiba, adds uncertainty to economic decision-making, although the Bank of Japan remains optimistic about the potential for a rate hike by the end of the year [6] - Market expectations for the timing of future rate hikes by the Bank of Japan are divided, with a significant portion anticipating an increase before January, while others suggest delays due to political uncertainties [7]