日本央行加息，股市上涨

Core Viewpoint - The Bank of Japan has raised its benchmark interest rate by 25 basis points to 0.75%, marking the highest level in 30 years, amid ongoing inflationary pressures and expectations for further rate hikes in the coming year [2][4]. Group 1: Interest Rate Decision - The Bank of Japan's policy committee, led by Governor Kazuo Ueda, unanimously agreed to increase the policy rate by 0.25 percentage points to 0.75% [4]. - The decision reflects an increasing likelihood of achieving economic outlooks, with 50 economists surveyed by Bloomberg predicting the rate hike [4]. - The core Consumer Price Index (CPI) in Japan rose by 3.0% year-on-year in November, marking 51 consecutive months of increase and remaining above the Bank of Japan's 2% target for 44 months [4]. Group 2: Economic Outlook and Inflation - The Bank of Japan emphasized that if the projections in the 2025 outlook report are realized, it will continue to raise policy rates and adjust monetary policy based on economic activity and price improvements [4]. - Governor Ueda indicated that as long as wages continue to rise, core inflation is unlikely to decline, and the transmission of wage increases to prices is ongoing [8]. - The central bank is closely monitoring the impact of the weak yen on future prices, as well as the potential effects of tariffs on consumers [8]. Group 3: Market Reactions - Following the interest rate announcement, the yen continued to decline against the dollar, reaching a low of 156.16, indicating that the market had already priced in the rate hike expectations [5]. - The yield on Japan's 10-year government bonds hit 2%, the highest level since 2006, while the Nikkei 225 index rose by 1% [5]. Group 4: Future Rate Hikes - Ueda stated that the pace of future rate hikes will depend on economic and inflation data, and it is challenging to determine the neutral interest rate level in advance [7]. - The central bank will assess the impact of the current rate increase on the economy and prices before deciding on further hikes, with most observers expecting a frequency of rate increases to be about once every six months [8].