日本当局正将对日元贬值的口头警告提升至前所未有的强度。 财务大臣片山皋月（Katayama）反复强调，针对脱离基本面的汇率波动，日本拥有采取"大胆行动"的"自由裁量权"（free hand）。这一强硬表态 被市场解读为，日本不仅干预汇市的决心已定，甚至可能已获得美国的默许。 这一信号出现在日元和日本债市双双承压的微妙时刻。尽管日本央行近期实施了三十年来的首次加息，但日元兑美元汇率不升反跌，一度徘徊在 157.49附近。与此同时，日元疲软和大规模财政刺激预期共同作用，将10年期日本国债收益率推升至2.1%的27年高位，引发了市场对金融稳定性 的深切忧虑。 在投资者看来，日本官员的强硬措辞，尤其是"自由裁量权"的提法，已将市场的焦点引向两个核心问题：日本是否会很快入市干预？以及此举是 否得到了华盛顿的"绿灯"？野村证券Yujiro Goto分析师团队在一份最新的报告中指出，美元兑日元160的水平可能成为触发实际干预的关键门槛。 最新行情显示，日本财务大臣口头干预后，日元有所反弹，目前位于156水平左右。 "自由之手"或已获美国"绿灯" 日本财务大臣片山皋月反复提及的"自由裁量权"，被分析师解读为可能已获得美国对干 ...

Core Viewpoint - The recent criticism of the Federal Reserve (Fed) has escalated beyond normal levels, potentially damaging its credibility, with political figures like Trump and his administration openly attacking Fed Chairman Powell and questioning the Fed's monetary policy decisions [1]. Group 1: Criticism of the Federal Reserve - Political pressure on the Fed reveals deeper issues regarding the lack of clear standards in monetary policy decision-making, making it difficult for the public to objectively assess the validity of these criticisms [1]. - The Fed's characterization of post-COVID inflation as a "transitory phenomenon" and its delayed interest rate hikes contributed to entrenched inflation, despite the economic consensus at the time not predicting such a significant deviation from trends [1]. Group 2: Monetary Policy Rules - Kedia argues that formalizing monetary policy could enhance economic stability and protect against political interference, suggesting that the Fed should publicly disclose its decision-making formula for the federal funds rate based on key indicators like inflation and unemployment [2]. - Historical data indicates that macroeconomic stability is generally better under rule-based approaches compared to discretionary policies, and debates over specific rules should not hinder the push for reform [2]. Group 3: Political Implications and Future Recommendations - Establishing clear rules could bolster market confidence in the non-political nature of Fed decisions and reduce speculation about interest rate movements [3]. - The current period is seen as a critical opportunity for the Fed to implement rule-based frameworks, and if it resists change, Congress may need to consider legislation to enforce such rules to curb the abuse of discretionary power and protect the Fed from political attacks [3].

Core Points - The newly revised Anti-Unfair Competition Law will take effect on October 15, 2025, prohibiting large enterprises from delaying payments to small and medium-sized enterprises (SMEs) for goods, projects, and services [1] - The law aims to enhance the regulatory framework for unfair competition, strengthen enforcement, and maintain market order [1] Summary by Sections General Principles - The law includes five chapters: general principles, unfair competition behaviors, investigations of suspected unfair competition, legal responsibilities, and supplementary provisions [1] - It emphasizes the establishment of a unified, open, competitive, and orderly market system [1] Unfair Competition Behaviors - Large enterprises are prohibited from abusing their advantages to disrupt fair competition, including imposing unreasonable payment terms on SMEs [2] - The law addresses malicious trading and data rights violations, stating that operators cannot use fraudulent or coercive methods to obtain or use data from other operators [2] False Advertising Regulations - The law includes provisions against false advertising, requiring operators to avoid misleading claims about their products [3] - Suggestions were made to further clarify the definition of unfair competition in the digital environment, particularly regarding AI-generated content [3] Platform Competition Regulations - There is a focus on regulating platform operators' unfair competition behaviors, including the prohibition of forced low pricing and other unreasonable pricing practices [7][8] - The law aims to address issues like "malicious returns" and the misuse of platform rules that harm other operators [7] Enforcement and Penalties - The law seeks to refine the discretionary power of enforcement agencies to ensure fair and consistent application of penalties for violations [3][4] - Recommendations were made to establish joint liability for those who knowingly assist in unfair competition practices [4] Importance of the Law - The revised law is seen as crucial for promoting fair competition and protecting the rights of both operators and consumers [6][4]