瑞银：日本央行逐步加息及美联储温和降息不太可能令美元兑日元显著下跌

Core Viewpoint - UBS believes that the gradual interest rate hikes by the Bank of Japan and the Federal Reserve's moderate rate cuts next year are unlikely to lead to a significant decline in the USD/JPY exchange rate [1] Group 1: Economic Indicators - Concerns regarding Japan's fiscal budget remain, with the latest forecast indicating that the primary balance deficit will persist [1] - The debt-to-GDP ratio is expected to decline [1] Group 2: Inflation and Price Data - The Tokyo core consumer price index is predicted to slow from a year-on-year rate of 2.8% in November to 2.6% in December due to falling electricity prices [1] - The core consumer price index is expected to remain at 2.8% [1] Group 3: Upcoming Data Releases - Attention is focused on the upcoming releases of Tokyo's consumer price index, industrial production, and wage data [1]