日本宣布加息25基点，十年期日债收益率突破2％创18年新高

Core Viewpoint - The Bank of Japan raised its benchmark interest rate by 25 basis points to 0.75%, the highest level since 1995, indicating a shift towards monetary normalization while maintaining a generally accommodative financial environment [2][3]. Group 1: Interest Rate Changes - The Bank of Japan's decision to increase the uncollateralized overnight call rate reflects a moderate upward trend in core inflation, aligning with the economic outlook for the second half of the year [2][3]. - Despite the nominal interest rate hike, the central bank expects real interest rates to remain significantly negative, suggesting that the overall financial environment will continue to support economic recovery [2][3]. Group 2: Economic Indicators - Recent economic data supports the Bank of Japan's rate hike, with core consumer price index (CPI) rising by 3.0% year-on-year in November, consistent with market expectations and above the central bank's 2% target for the 44th consecutive month [4]. - The labor negotiations in Japan are expected to yield wage increases similar to last year, which saw the largest wage growth in decades, indicating sustained momentum in wage growth [4]. Group 3: Market Reactions - Following the interest rate hike, Japanese government bond yields rose significantly, with the 10-year yield reaching 2.22%, surpassing China's yield for the first time in history [3][4]. - The market's reaction to the rate hike has been relatively stable, with concerns about global liquidity shocks being mitigated compared to previous rate hikes [5].