美股周五收盘点评（上）CPI低于预期，投资人质疑数据

Core Insights - Global bond yields have risen, led by Japan, following the Bank of Japan's decision to raise its policy interest rate to approximately 0.75%, the highest level in nearly 30 years [1] - The yield on Japan's 10-year government bonds has surpassed 2%, a level not seen since the late 1990s, indicating a decisive shift away from ultra-loose monetary policy [1] - Despite the interest rate hike, the Japanese yen has weakened against the US dollar to around 157, suggesting market skepticism about the sustainability of the tightening policy [1] Group 1 - The rise in Japanese bond yields has triggered a global increase in bond yields, affecting US Treasuries and European sovereign bonds [1] - Japan's policy shift is significant as its government bonds have long served as a benchmark for global arbitrage trading and duration risk exposure [1] - The increase in Japanese bond yields represents a structural tightening of global financial conditions, contrasting sharply with the previous decades of policy [1] Group 2 - The surge in yields and the weakening yen have led to a sell-off in global risk assets, reminiscent of past "yen carry trade" unwinding, although a similar situation has not yet been observed this time [1] - Higher yields pose challenges for interest-sensitive sectors of the economy, including real estate and big-ticket items like financed automobiles [1]