Core Viewpoint - The appointment of Japan's first female Finance Minister, Katsuyuki Mayu, marks a significant shift in the country's political landscape, raising market concerns about future economic policies and the potential impact on the yen's value [1][3][5]. Group 1: Market Reactions - Following the announcement of Katsuyuki Mayu's appointment, the yen fell to a low of 150.50 against the dollar before recovering slightly above 151, indicating market uncertainty regarding the new government's economic direction [1]. - The market's initial reaction suggested expectations of increased government spending and a cautious approach to early interest rate hikes by the Bank of Japan [5][13]. Group 2: Political Significance - The appointment of both Katsuyuki Mayu and Prime Minister Sanna Takashi represents a breaking of significant "glass ceilings" in Japanese politics, with both women holding key leadership roles [3][15]. - This political shift is seen as a potential reformation of Japan's political culture, traditionally dominated by men, with the new leadership symbolizing a progressive change [15]. Group 3: Economic Policy Implications - Katsuyuki Mayu is expected to advocate for expansionary fiscal policies, which may lead to increased government spending, but could also result in further volatility in the yen's exchange rate [5][14]. - The current economic environment presents challenges, including rising inflation and a weakening yen, complicating the fiscal and monetary policy landscape compared to the era of Abenomics [14][16]. Group 4: Future Challenges - The coordination between fiscal policy under Katsuyuki Mayu and monetary policy from the Bank of Japan will be crucial in addressing rising living costs and maintaining economic stability [16][17]. - The upcoming months will be critical as the government navigates pressures from both domestic economic conditions and external influences, particularly from Washington regarding interest rate policies [16][17].

对关税和美国债务负担的担忧引发了质疑，即美债是否仍是全球投资者的避险资产。 【黄金技术分析】 本周二（5月20日）欧市盘中，国际黄金小幅下跌，截至发稿报3224.20美元/盎司，跌幅0.16%，今日金 价开盘于3229.40美元/盎司，最高上探3232.50美元/盎司，最低触及3204.13美元/盎司。 【要闻速递】 今年4月，在美国总统特朗普对国际贸易伙伴实施全面的"对等关税"后，美债收益率飙升。10年期美债 收益率升至4.5%以上，30年期美债收益率触及5%，导致特朗普政府放弃了最严厉的关税，因为担心这 些关税会引发金融恐慌，并会提高消费者的利率。 但现在，在穆迪下调评级后，美国长债收益率已回到上述水平，抵押贷款等消费者债务的利息与10年期 美债挂钩。 众议院共和党人本周一直在推进特朗普的税收和支出法案，该法案已于周日晚间在众议院预算委员会获 得通过。然而，据估计，该法案将增加数万亿美元的预算赤字。 穆迪在下调评级时警告称美国缺乏财政约束。 美国银行的经济学家Aditya Bhave在一份报告中写道："在减税和关税悬而未决的情况下，穆迪似乎在传 递一个信息，即它认为这些政策变化最终将使美国走上更糟糕的财政 ...