日本央行会议纪要暗示加息远未结束：实际利率“全球最低档”

Group 1 - The Bank of Japan's monetary policy committee members indicated that Japan's real interest rates remain very low, suggesting potential future rate hikes [1][2] - The benchmark interest rate was raised to 0.75%, the highest level in 30 years, during the recent monetary policy meeting [1] - Economists expect another rate hike approximately six months from now, with a terminal rate projected at 1.5% [1] Group 2 - The minutes from the monetary policy meeting reveal that the current policy rate has not yet reached a neutral level, with one member stating there is still a considerable distance to go [2] - The neutral interest rate is estimated to be between 1% and 2.5%, but precise definitions remain elusive [2] Group 3 - Concerns over the weakening yen were noted among committee members, which may have influenced the recent policy decisions [4] - The yen has recently weakened to its lowest level in about ten months, with the USD/JPY exchange rate approaching the critical level of 160 [4] Group 4 - The Japanese government, led by Prime Minister Sanna Takashi, is cautious about the recent rate hike, emphasizing the need to monitor future developments in corporate investment and profits [4] - The government is implementing a substantial fiscal stimulus plan, which is expected to further increase long-term bond yields [5][6]