Group 1 - The core inflation in Tokyo has cooled more than market expectations, with the CPI excluding fresh food rising by 2.3% year-on-year in December, down from 2.8% the previous month and below the economist forecast of 2.5% [1][4] - Overall inflation indicators decreased from 2.7% the previous year to 2%, while the deeper inflation measure excluding energy slowed to 2.6% [1][4] - The Bank of Japan (BOJ) raised the policy interest rate to 0.75%, the highest level since 1995, indicating a continued tightening path despite the cooling inflation [4] Group 2 - Economists expect the BOJ to raise interest rates approximately every six months, with a terminal rate projected around 1.25%, suggesting two more rate hikes in the current cycle [5] - The weakening yen, hovering near its lowest level against the dollar since January, may increase import costs and subsequently domestic prices, prompting warnings from Japanese officials about potential market intervention [5] - The cooling of overall inflation may provide Japanese Prime Minister Fumio Kishida with leverage to urge the BOJ to maintain patience regarding further rate hikes, with expectations that the next action may not occur until July [5]
东京12月通胀意外放缓难挡日本央行紧缩步伐 加息节奏成市场焦点
Zhi Tong Cai Jing·2025-12-26 02:09