日本央行行长植田和男：日本央行与财务省在缩减购债计划方面保持密切沟通。 ...

Core Viewpoint - The focus is on the Bank of Japan's plan to slow down its bond purchase reduction, with expectations to maintain interest rates at 0.5% and adjust the quarterly reduction scale to around 200 billion yen starting from the fiscal year 2026 [1] Summary by Relevant Sections - **Interest Rate Expectations** - The market anticipates that the Bank of Japan will keep interest rates unchanged at 0.5% [1] - There is a 50% chance of a 25 basis point rate hike by the end of the year, with an expected increase of only 17 basis points this year [1] - **Bond Purchase Reduction** - The expected adjustment in bond purchases will see the quarterly reduction scale lowered to approximately 200 billion yen [1] - A surprise adjustment to the current fiscal year could significantly impact the yen [1] - **Inflation and Trade Considerations** - Japan's potential inflation is steadily rising, which may keep the likelihood of interest rate hikes elevated [1] - The Bank of Japan is focusing on the evolution of inflation and the US-Japan trade agreement [1]

Core Viewpoint - HSBC's global research team anticipates that the Bank of Japan will maintain its current interest rates and continue its plan to reduce the scale of Japanese government bond purchases until the first quarter of 2026 [1] Summary by Relevant Sections - **Interest Rate Outlook** - HSBC expects the Bank of Japan to keep interest rates unchanged in the upcoming meeting [1] - **Bond Purchase Reduction Plan** - The current pace of reducing Japanese government bond purchases is approximately 4 trillion yen per quarter, which is projected to decrease the monthly purchase scale from 5.7 trillion yen in July 2024 to 3 trillion yen by March 2025 [1] - By the fiscal year 2026, the quarterly purchase volume is expected to slow down to about 2 trillion yen [1] - By March 2027, the monthly purchase volume is anticipated to reach around 2 trillion yen, which HSBC considers a "natural" level, reflecting the amount purchased before the introduction of ultra-loose monetary policy in April 2013 [1]

订阅日本央行动态 +订阅 金十数据5月22日讯，日本央行审议委员野口旭表示，个人认为无需对现有的日本央行缩减购债计划做 出重大调整。日本央行可以花费足够的时间来缩减其资产负债表，这对于市场稳定是有益的。关于2026 年4月起的缩减计划，我们需要从更长远的角度进行审慎评估。 日本央行官员：无需对现有的缩减购债计划做出重大调整 ...