日元目标150！瑞穗资管巨头：日本4月加息不可避免，看好日债

Core Viewpoint - The market is underestimating the Bank of Japan's (BOJ) determination to tighten monetary policy, with expectations that the yen will surpass the 150 mark following an interest rate hike in April [1] Group 1: Market Expectations and Policy Changes - The probability of a BOJ interest rate hike before April has increased to approximately 69%, up from about 40% at the end of last year [3] - U.S. Treasury Secretary Bessent's recent comments urging Japan to allow further BOJ rate hikes to combat inflation have unexpectedly influenced market sentiment [3] - The New York Fed's recent currency checks indicate a surprising alignment between U.S. and Japanese efforts to curb yen weakness, suggesting a potential for earlier BOJ rate hikes [3] Group 2: Investment Opportunities - Asset Management One remains optimistic about ultra-long Japanese government bonds, noting that yields are high relative to Japan's growth prospects [4] - The 30-year Japanese government bond yield has stabilized around 3.64% after a spike last month, which is higher than comparable German bonds [4] - Despite potential pressures from a stronger yen on Japanese export-oriented companies, Asset Management One maintains a positive long-term outlook for the Japanese stock market due to increased household investment in risk assets [4][5]