不到半月 日本再遭股债“双杀”

Core Viewpoint - Japan's financial markets faced significant declines on December 1, with the Nikkei 225 index dropping by 1.89% and bond prices plummeting, indicating growing concerns over the government's fiscal policies and potential interest rate hikes [1][2]. Group 1: Stock Market Performance - The Nikkei 225 index opened high but fell sharply, with intraday losses exceeding 1,000 points, ultimately closing down by 1.89% [1]. - The market's decline is attributed to investor worries regarding the fiscal situation under Prime Minister Fumio Kishida's administration [1]. Group 2: Bond Market Dynamics - Japanese government bond prices experienced a significant drop, with the two-year bond yield rising by 2.5 basis points to 1.015%, the highest level since 2008 [1]. - The yield on the 10-year newly issued government bonds reached 1.840%, marking the highest level since June 2008 [1]. - The Ministry of Finance plans to increase the issuance of short-term bonds to support the economic stimulus plan, which may exert pressure on short-term sovereign bonds [1]. Group 3: Monetary Policy Outlook - There are indications that the Bank of Japan may consider interest rate hikes, as Governor Kazuo Ueda mentioned weighing the pros and cons of such a decision [1]. - Despite the cautious tone from the Bank of Japan, there is speculation that a rate hike could occur in December, while maintaining a generally accommodative monetary policy environment [1][2]. - The current fiscal expansion policies under Kishida's government raise concerns about potential inflation acceleration and a significant increase in mid-term government bond issuance, which could disrupt supply-demand balance [2].