日本政府顾问：无需等到160关口，高市政府将更积极干预日元

Core Viewpoint - The Japanese government, under Prime Minister Fumio Kishida, is expected to adopt a more proactive stance on yen intervention to mitigate inflationary pressures caused by a weak yen, with intervention thresholds potentially lower than the widely anticipated 160 yen per dollar [1][2]. Group 1: Government Intervention - Takuji Aida, a member of the government advisory panel, indicated that the Kishida administration will actively intervene in the foreign exchange market, reflecting concerns over inflation [1]. - The Japanese authorities have previously intervened in the market when the yen fell below the 160 yen mark, which has been considered a threshold for intervention [2]. - Finance Minister Shunichi Suzuki stated that the government would respond appropriately to excessive currency fluctuations, with currency intervention being one of the options [1][2]. Group 2: Economic Context - The yen recently fell to a 10-month low against the dollar, surpassing the 157 yen mark, prompting increased verbal intervention from Japanese authorities [1]. - Aida noted that Japan has ample foreign exchange reserves, providing sufficient conditions for intervention actions [1][6]. - The market had previously expected intervention to occur only after the yen reached 160, but Aida's comments suggest that action could be taken sooner if volatility increases [2]. Group 3: Inflation and Monetary Policy - Since Kishida's appointment in October, market expectations regarding the Bank of Japan's potential interest rate hikes have put pressure on the yen [5]. - The Bank of Japan is set to hold its next policy meeting on December 19, where Governor Kazuo Ueda discussed the gradual withdrawal of previous monetary easing policies with Kishida [5]. - Aida emphasized the government's concern that a weak yen could exacerbate inflationary pressures, despite Kishida's support for re-inflation policies [5]. Group 4: Fiscal Spending Priorities - Aida also mentioned that Japan should prioritize investments in areas such as artificial intelligence, naval frigates, and defense, even if it requires issuing bonds [6]. - The new government aims to balance stable economic growth with inflation control [6]. - Aida reiterated that Japan's substantial foreign exchange reserves support intervention actions, providing the government with policy space to address currency fluctuations [6].