Core Viewpoint - Allianz Global Investors suggests that the Bank of Japan is unlikely to provide strong policy guidance in its upcoming meeting, maintaining a flexible communication approach [1] Summary by Relevant Sections - **Monetary Policy Outlook** - The Bank of Japan is expected to keep its policy interest rate unchanged while avoiding the impression of a completely stagnant policy [1] - **Market Focus** - Attention will be on Governor Kazuo Ueda's assessment of the changing risk environment [1] - **External Factors** - The US-Japan trade agreement has alleviated a key source of external uncertainty, but domestic political risks in Japan have increased [1] - **Global Economic Concerns** - There are ongoing worries regarding global economic growth, as only a few countries have finalized trade agreements [1]

日本央行于7月30及31日举行会议，安联投资全球多元资产首席投资总监Greg Hirt 预期日本央行将在7 月的会议中保持现行的政策利率不变，但保持在加息轨道上。最新公布的季度经济展望报告或将释出日 本央行如何评估近期关税协议对经济增长潜在压力的看法。市场焦点将集中于日本央行行长植田和男对 当前风险环境的评估。美日贸易协定的达成已消除一项主要外部不确定因素，但随着自民党主导的执政 联盟失去参议院多数席位，以及有关首相石破茂可能辞职的揣测升温，国内政治风险显著上升。在当前 环境下，安联投资预期日本央行将维持沟通上的灵活性，避免释出明确政策指引，同时亦会设法避免市 场将其视为完全"按兵不动"。 ...