美债收益率支撑美元/日元 日央行鹰派言论限涨幅

Core Viewpoint - The USD/JPY exchange rate is experiencing a rebound that is currently stagnating, influenced by rising US Treasury yields and interventions from Japanese authorities, particularly the hawkish signals from Bank of Japan Governor Kazuo Ueda [1][2]. Group 1: Market Dynamics - The Japanese yen was the weakest currency on Tuesday, facing selling pressure as market sentiment improved and the impact of former BOJ Governor Haruhiko Kuroda's unexpected hawkish comments began to fade [1]. - The market's expectations for the BOJ's tightening policy provide potential support for the yen, as Ueda's hawkish remarks indicate a consideration of the "pros and cons" of interest rate hikes, which negatively affected market risk appetite [1]. - A recent auction of Japanese government bonds exceeded expectations, alleviating some market concerns, although overall risk appetite remains fragile [1]. Group 2: Economic Indicators - US economic data has reinforced expectations for policy easing, with the November ISM Manufacturing PMI indicating that industry activity has contracted for the ninth consecutive month, alongside deteriorating new orders and employment metrics, and rising inflation levels [1]. - The divergence in monetary policy between the US and Japan is expected to continue, limiting the upside potential for the USD/JPY exchange rate [2].