日元汇率与日本国债动荡交织 高市早苗政府在大选前面临市场考验

Core Viewpoint - Japanese Prime Minister Sanna Takashi has launched her election campaign with the primary goal of ensuring a smooth voting process on February 8, while avoiding significant fluctuations in the financial markets [1][2][3] Group 1: Election Campaign and Market Stability - The campaign officially commenced on Tuesday, with Takashi aiming to solidify the ruling coalition's majority in the House of Representatives [3] - Recent polls indicate a slight decline in her approval ratings, yet they remain at a relatively high level overall [3] - A Japanese Finance Ministry official noted that any measures to lower bond yields could lead to further depreciation of the yen, increasing imported inflation and raising interest rate pressures [1][2] Group 2: Market Reactions and Government Strategies - Speculation arose last week regarding potential coordinated actions between the U.S. and Japan in the foreign exchange market, which temporarily boosted the yen's exchange rate [3] - There are currently no signs that authorities have engaged in actual intervention, although Japanese Finance Minister Katsunobu Kato and U.S. Treasury Secretary Janet Yellen have called for calm in the Japanese bond market, which has alleviated upward pressure on yields [3] - Lombard Odier's senior macro strategist Homin Lee stated that once the new cabinet is formed post-election and the annual budget is passed, it will become easier to achieve a balance between managing the yen's exchange rate and Japanese bond yields [4]