日经225跌破50000点，软银跌超3%，日元跌至10个月新低

Core Points - The Japanese 5-year government bond yield has risen to 1.345%, the highest level since June 2008, indicating a significant shift in the bond market [2] - The Japanese yen has depreciated against the US dollar, reaching a 10-month low, with the exchange rate at 155.84 yen per dollar, marking a depreciation of approximately 10 yen since the Liberal Democratic Party presidential election [2][5] - The US dollar index has decreased by 8.37% this year, with the dollar depreciating against major currencies, including a 0.79% decline against the yen [4] Currency and Economic Trends - The depreciation of the yen is primarily attributed to the widening interest rate differential between the US and Japan, as the Federal Reserve has entered a strong rate hike cycle while the Bank of Japan has maintained a more stable policy [5] - Japan's economic stimulus plan, announced by Prime Minister Fumio Kishida, includes a budget of 21.3 trillion yen aimed at addressing inflation and stimulating growth, but has led to immediate depreciation of the yen, suggesting investor skepticism [8][9] - Japan's government debt is projected to exceed 42.1 trillion yen in 2024, with an additional issuance of approximately 11.7 trillion yen to cover the funding gap from the stimulus plan [8] Long-term Economic Implications - Japan's economic growth has been sluggish, with average growth rates declining significantly over the decades, raising concerns about the effectiveness of fiscal stimulus measures [9][12] - The Bank of Japan faces a dilemma in its monetary policy, balancing the need for economic stimulus against rising inflation, with current inflation rates hovering around 2.4% to 4% [14] - The reliance on government debt and low interest rates has distorted the bond market, leading to capital outflows as investors seek higher returns abroad, which could further pressure the yen [16]