每经编辑｜杜宇 据央视新闻，日本财务省5月27日公布了截至2024年底的对外资产及负债余额。从政府、企业及个人在海外所持资产中扣除海外投资者对日投资，日本对外 净资产余额为533.05万亿日元，比上年末增长12.9%，连续六年创历史新高。 但是日本时隔34年从"全球最大对外净资产国"退居第二，被德国超越。根据国际货币基金组织（IMF）公布的汇率换算，德国在2024年底的对外净资产为 569.65亿日元。 日本街景 （图片来源：每经特约记者 郝帅 摄） 另据总台环球资讯广播，当地时间5月16日，日本内阁府发布的初步统计结果显示，经季节调整后，日本2025年一季度实际国内生产总值（GDP）环比下降 0.2%，按年率计算下降0.7%。 个人消费在日本经济中占比超过一半，但一季度环比增幅接近于零，物价上涨是主要原因。自去年底起，日本国内大米和蔬菜价格持续上涨，影响了日本居 民的消费能力和意愿，还导致肉类、鱼类等食品消费出现负增长。 其二，日本出口表现不佳。 货物和服务出口环比下降了0.6%，进口环比增加了2.9%。出口下降主要受知识产权使用费减少，以及去年第四季度大型研发服务订单结束等因素影响。同 时，美国关税政策的 ...

Group 1: Monetary Policy Design and Implementation - Central banks utilize policy interest rates to influence market funding costs through adjustments to benchmark rates [2] - The interest rate corridor mechanism sets deposit facility rates (lower bound) and lending facility rates (upper bound) to guide market interest rates within a range [3] - Quantitative easing involves purchasing government bonds or mortgage-backed securities to inject liquidity, with the Federal Reserve's balance sheet expanding to $9 trillion in 2020 [4] - In response to high inflation, the Federal Reserve initiated a balance sheet reduction plan in June 2022, selling assets at a rate of $95 billion per month [5] Group 2: Price Stability and Inflation Management - Many central banks adopt a symmetric inflation target of 2%, allowing for short-term fluctuations but requiring medium-term anchoring [6] - The Reserve Bank of India has set an inflation tolerance band of 4%±2% to accommodate the high volatility characteristic of emerging markets [7] - The Bank of Japan introduced a 2% inflation target in 2013, permitting "ultra-loose monetary policy to continue until stability is achieved" [8] - Core CPI is monitored to exclude food and energy prices, reducing short-term volatility interference [9] - In 2023, service sector inflation in the Eurozone reached 5.6%, prompting the European Central Bank to continue raising interest rates [9] Group 3: Extended Functions Beyond Price Stability - Central banks act as financial stability maintainers, with the Bank of England requiring banks to increase capital reserves during economic overheating through countercyclical capital buffers [12] - The Federal Reserve conducts annual stress tests on large banks, with 2023 tests indicating that 23 banks could withstand a 10% unemployment rate shock [12] - The Federal Reserve processes an average of $3 trillion in payments daily through real-time gross settlement systems, ensuring zero-delay settlement for large transactions [13] - In 2023, the transaction volume of China's digital yuan pilot expanded to 1.8 trillion yuan across 26 cities [14] Group 4: Challenges in Policy Transmission - The zero lower bound constraint limits traditional tools when policy interest rates approach zero, necessitating reliance on unconventional tools [16] - The energy crisis in 2022 led to imported inflation in the Eurozone reaching 10.6%, surpassing local economic overheating levels [17] - The rise of digital currencies like Bitcoin undermines the efficiency of monetary policy transmission, prompting central banks to accelerate the development of Central Bank Digital Currencies (CBDCs) [18] - New Zealand's central bank became the first to incorporate climate risk into financial stability assessments, requiring banks to disclose the carbon intensity of their loan portfolios [18] Group 5: Historical Policy Missteps - The Federal Reserve's misjudgment of inflation as a temporary phenomenon in the 1970s led to a CPI peak of 13.5% in 1980 due to delayed interest rate hikes [19] - The Swiss National Bank's sudden cancellation of the euro/franc 1.20 floor in 2015 caused a 41% spike in the exchange rate, resulting in over $1 billion in forex market losses [19] - The Bank of England's rapid interest rate hikes in 2022 triggered a liquidity crisis in pension funds, forcing a temporary resumption of quantitative easing [19] Conclusion - The role of modern central banks has evolved from being mere "inflation fighters" to becoming "omni-stabilizers" of the economic system, facing challenges from the rise of digital currencies, geopolitical instability, and accelerated climate transitions [UNFX]

核 心 内 容 月度商品价格预测： 黄金区间震荡，铜、油震荡上行 内需： 房销量改善，而车回落；旅游市场不断修复。 ①新房销量增速升，二手房和乘用车降，家电月均销售价同比增速涨多跌少。5月新房销量增速降幅继续收窄，而二手房延续价升量跌。商品消费中，乘用车零售 回落、而批发上升，半钢胎开工率维持稳定。本周家电销售均价多有下行，月均销售价同比增速涨多跌少。 ②旅游市场边际改善。上周电影票房收入续降，商圈人流指数转降。不过，酒店入住率和每间可供租出客房价格双双回升，酒店每间可供租出客房营收同步增长， 同比增速转正。同时，一线城市至海口的航班均价上行，同比增速上行。 外需： 对美直接出口回升，美计划对欧征收50%关税。 ①中国至美国港口集装箱预订量周同比继续回升，美国从中国进口货物到港量周同比同样由降转升，指向对美直接出口大幅回升，抢出口支撑较强。 ②特朗普提出将于6月对欧征收50%关税，欧美贸易摩擦升级，或利好我国对欧出口，特别是机械行业。 生产： 终端施工需求偏弱，化工链延续价格涨势。 ①当前南方地区已逐步进入雨季，南方大范围降水有所增多，压制终端施工需求释放。本周钢铁价格转降，高炉开工率续降，产能利用率略降，样 ...

至今年4月为止的十二个月，综合消费物价平均指数较一年前同期上升0.42%。各大类价格指数中，录 得较大升幅的有杂项商品及服务（+2.47%）、教育（+2.21%）和医疗（+1.62%），而运输（-3%）的 价格指数则下跌。甲类及乙类消费物价平均指数分别上升0.4%及0.44%。 今年首四个月综合消费物价平均指数同比上升0.17%，当中食物及非酒精饮品大类上升0.63%；甲类及 乙类消费物价平均指数分别上升0.13%及0.19%。 澳门统计暨普查局编制了三个系列的消费物价指数，以反映商品/服务价格的变动对不同开支组别住户 的影响。甲类及乙类消费物价指数分别涵盖约50%和30%的住户，每月平均开支分别为11000至35999澳 门元及36000至71999澳门元，综合消费物价指数涵盖上述所有住户；当中住屋及燃料、食物及非酒精饮 品和运输大类占住户的开支比重较高，权数分别为34.47、29.47及8.33。 智通财经APP获悉，5月23日，澳门统计暨普查局资料显示，2025年4月综合消费物价指数同比上升 0.23%，环比回升0.16%；至今年4月为止的十二个月，综合消费物价平均指数较一年前同期（2023年5 月至2 ...

Core Viewpoint - The rising rice prices in Japan present significant challenges for the newly appointed Minister of Agriculture, Forestry and Fisheries, Shinjiro Koizumi, who aims to stabilize the market and address public concerns about food affordability [1][5]. Price Trends - Japan's consumer price index (CPI) for April showed a 3.5% year-on-year increase, with rice prices soaring by 98.4%, marking the highest increase since 1971 [1][3]. - As of May 11, the average price for a 5-kilogram bag of rice reached 4,268 yen (approximately 212 RMB), double the price from the previous year [3]. Government Response - Prime Minister Kishida has set a target to reduce the price of a 5-kilogram bag of rice to between 3,000 and 4,000 yen (approximately 150 to 200 RMB) [3]. - Koizumi plans to introduce reserve rice priced below 3,000 yen as early as June [3][4]. Challenges Ahead - Koizumi faces three main challenges: curbing the 18-week rise in rice prices, potentially increasing imports and domestic production, and establishing a transparent price monitoring system [5][6]. - The Japan Agricultural Cooperatives (JA) have raised advance payments for this year's autumn rice harvest, indicating that consumers may face even higher prices in the fall [6]. Market Dynamics - The JA has increased advance payments for rice, with prices for Koshihikari rice in Niigata Prefecture rising by 35% to 23,000 yen (approximately 1,156 RMB) per 60 kilograms, and Akita Komachi rice in Akita Prefecture expected to reach 24,000 yen (approximately 1,206 RMB) [6]. - The upcoming US-Japan tariff negotiations may influence Japan's rice import strategy, potentially impacting domestic prices [7].

Group 1 - Japan is experiencing unprecedented pain due to rising rice prices, which have doubled compared to the same period last year, with a 5-kilogram bag averaging 212 RMB [1][2] - The Japanese government is urged to implement effective relief measures and fundamental reforms to correct decades of erroneous policies to stabilize public sentiment [1] - The current inflation rate has exceeded the Bank of Japan's target of 2% for 36 consecutive months, with real wages declining in the first three months of 2025 [1] Group 2 - The average rice price in Japan has increased by 100% since last year, leading to temporary rice shortages despite the activation of national strategic rice reserves [2] - Japan's long-standing policy of encouraging farmers to reduce rice cultivation to support prices is still being upheld by the current Prime Minister, rather than promoting Japan as a global rice export powerhouse [2] - Approximately 25% of Japan's population is engaged in agriculture, which is closely tied to the automotive industry, currently facing significant challenges [2]

韩国4月PPI同比增长0.9%，前值增长1.30%。 ...

英国央行首席经济学家皮尔：有理由让消费者物价指数预测不那么突出。 ...

Core Insights - The Canadian Industrial Product Price Index decreased by 0.8% in April, which was worse than the expected decline of 0.5% and a significant drop from the previous month's increase of 0.5% [1] Summary by Category - **Price Index Performance** - The Industrial Product Price Index for Canada showed a month-over-month decline of 0.8% in April [1] - This decline contrasts with market expectations of a 0.5% decrease and follows a previous increase of 0.5% [1]

Core Viewpoint - The industrial product price index in Canada for April shows a year-on-year increase of 2%, a decrease from the previous value of 4.7% [1] Group 1 - The year-on-year industrial product price index indicates a slowdown in price growth, suggesting potential easing in inflationary pressures [1]