Howe Chung Wan称，尽管出现了一些进展的迹象，但将刺激措施转化为持续的增长和消费仍然是一个 挑战。市场开始消化今年10月左右将采取的重大政策举措，但日本央行仍谨慎行事。鉴于消费数据显示 复苏放缓，政策制定者似乎有意争取时间来评估潜在动态的演变。 日本央行于7月30及31日举行会议，信安资产管理(Principal Asset Management)亚洲固定收益主管Howe Chung Wan表示，短期内，风险平衡正逐渐转向更强硬的路径——尤其是在通胀预期开始走强或家庭需 求显著改善的情况下。但就目前而言，日本央行的立场仍然是寻求更大的弹性，将稳定置于任何风险之 上多于过早紧缩。 Howe Chung Wan指出，全球各国央行正处于经济周期的不同阶段，日本央行(BOJ)面临国内价格压力和 更加动荡的外部环境。美联储关注的是关税引发的通胀的持续性，而日本央行则担心通胀上升对消费的 影响。国内政治不确定性导致不同的财政结果，这为本已微妙的政策格局增添了复杂性。 ...

Core Viewpoint - The Brazilian Deputy Minister of Finance, Galipolo, emphasizes that the central bank should avoid sudden policy adjustments, as maintaining a passive stance can be very dangerous [1] Group 1 - The central bank's approach should be proactive rather than reactive to ensure economic stability [1] - Sudden policy changes can lead to market volatility and uncertainty [1] - A passive attitude from the central bank may result in negative economic consequences [1]

Core Viewpoint - The Bank of Japan may face a situation requiring decisive action despite existing uncertainties [1] Summary by Relevant Categories - **Monetary Policy** - The Bank of Japan's committee member, Naoki Tamura, indicates that the central bank might need to take strong measures in response to economic conditions [1] - **Economic Uncertainty** - There are ongoing uncertainties in the economic landscape that could influence the Bank of Japan's decision-making process [1] - **Future Actions** - The potential for decisive action suggests that the Bank of Japan is closely monitoring economic indicators and may adjust its policies accordingly [1]