21评论丨日本央行为何维持利率不变？

Group 1 - The Bank of Japan (BOJ) decided to maintain the current policy interest rate at 0.75%, reflecting its struggle to balance market expectations and government pressures following a significant drop in Japanese government bonds [1][5] - The market reacted with little volatility to the BOJ's decision, as it was largely anticipated, but the downward pressure on Japanese government bond prices and the yen remains [5] - The BOJ's recent economic outlook report revised core CPI forecasts upward for 2025 to 3% and adjusted GDP growth estimates, indicating a cautious approach to inflation and economic growth [3] Group 2 - The Japanese government announced a dissolution of the House of Representatives, with elections scheduled for February 8, raising concerns about potential tax cuts and increased fiscal spending [4] - The yen has depreciated against the dollar and euro, reaching historical lows, although the overall dollar depreciation against other currencies may mitigate further yen declines [4] - The BOJ's independence is emphasized as crucial for price stability, but the lack of aggressive monetary policy changes raises doubts about its effectiveness in reversing the yen's depreciation trend [5]