Core Viewpoint - Japan's economic advisor, Takushi Aida, urges the Bank of Japan to delay interest rate hikes, emphasizing the need to support the fragile economic recovery until at least January 2026 [1][2] Group 1: Economic Conditions - Japan's economy may have contracted in the third quarter, with household real income not yet showing positive growth, indicating that an interest rate hike could counteract fiscal stimulus and increase economic downside risks [1][3] - The Prime Minister, Fumio Kishida, advocates for a coordinated approach between fiscal and monetary policies, highlighting that current inflation is driven by raw material costs rather than domestic demand [1][2] Group 2: Monetary Policy Insights - The Bank of Japan maintained its benchmark interest rate at approximately 0.5% during its latest meeting, marking the sixth consecutive hold since January [2] - There are internal divisions within the Bank of Japan regarding the maintenance of an accommodative stance, with two policy committee members voting against the current rate [2] Group 3: Market Reactions and Expectations - Market focus is on whether the Bank of Japan will take action on December 19 or in January 2026, with approximately half of observers expecting a rate hike in December [3] - The yen has been under pressure, with the USD/JPY exchange rate dropping to a low not seen since February 2025, raising concerns about the impact of yen depreciation on import costs and living standards [3]
日本首相经济顾问呼吁央行推迟加息 货币政策独立性再受考验
Xin Hua Cai Jing·2025-11-10 07:09