Core Viewpoint - The article discusses the complexities of gold price fluctuations and emphasizes understanding its four core attributes: commodity, monetary, financial, and hedging properties, to clarify the underlying logic of its price movements [3][4]. Group 1: Gold's Four Core Attributes - **Commodity Property**: Gold prices are primarily determined by supply and demand dynamics, with demand influenced by economic cycles and market expectations. The main contributors to gold demand are jewelry, investment, and central bank purchases, while industrial demand is relatively low [5]. - **Monetary Property**: Gold is considered "hard currency" due to its scarcity, durability, and universal acceptance, serving as an effective store of value. Its price is closely linked to the US dollar index, typically decreasing when the dollar strengthens and increasing when the dollar weakens [6][9]. - **Financial Property**: Gold's investment value is shaped by real interest rates, expected inflation rates, and market liquidity. Lower real interest rates increase gold's attractiveness as a non-yielding asset, especially during periods of low interest rates or rate cuts by central banks [14][15]. - **Hedging Property**: Gold performs well in risk scenarios where market pessimism rises, making it a preferred asset over riskier investments. Historical events show that gold prices tend to rise during crises, highlighting its unique characteristics as a safe-haven asset [17][18]. Group 2: Historical Review of Gold Price Movements - Historical analysis indicates that significant price movements in gold are closely related to Federal Reserve policies, inflation changes, and central bank behaviors. Major price increases are driven by structural trends like de-dollarization and central bank diversification, alongside cyclical factors such as inflation and risk aversion [21][22]. - Price declines are often triggered by tightening monetary policies, rapid inflation declines, or central bank sell-offs. For instance, the period from 1983 to 1985 saw a drop of over 40% due to US economic recovery and interest rate hikes [23][24]. - The article highlights that current global challenges, including debt expansion and economic slowdown, have accentuated gold's monetary and hedging properties, leading to recent price surges. Notably, Ray Dalio views gold as a hedge against unsustainable debt levels, suggesting a reasonable allocation of 10% to 15% in investment portfolios [25].

接受调查的经济学家预计，日本央行的加息频率大概在每六个月一次，终端利率料达到1.25%左右。这 意味着分析人士预计在本轮紧缩周期中，还将再加息两次左右。 责任编辑：王永生 东京通胀降温幅度超出预期，食品和能源价格压力缓解，但这不太可能阻止日本央行进一步加息。 日本总务省周五公布的数据显示，12月东京不含生鲜食品的消费者价格指数同比上涨2.3%，涨幅较上 月的2.8%大幅回落。这也是8月以来增速首次放缓，主要反映食品价格涨幅收窄及能源成本下降。经济 学家此前预计该数据将放缓至2.5%。 东京通胀降温幅度超出预期，食品和能源价格压力缓解，但这不太可能阻止日本央行进一步加息。 日本总务省周五公布的数据显示，12月东京不含生鲜食品的消费者价格指数同比上涨2.3%，涨幅较上 月的2.8%大幅回落。这也是8月以来增速首次放缓，主要反映食品价格涨幅收窄及能源成本下降。经济 学家此前预计该数据将放缓至2.5%。 整体通胀指标从前月的2.7%放缓至2%，而剔除能源价格的指标放缓至2.6%。东京通胀数据是衡量日本 全国物价趋势的领先指标。 周五数据发布之际，市场正密切关注日本物价走势，以判断下次政策调整的时机。上周，日本央行政策 ...

日本总务省周五发布数据显示，受食品与能源价格上涨压力减弱影响，东京通胀降温幅度超出市场预 期，但这一态势预计不会阻碍日本央行进一步加息。 日本总务省周五发布数据显示，受食品与能源价格上涨压力减弱影响，东京通胀降温幅度超出市场预 期，但这一态势预计不会阻碍日本央行进一步加息。 东京剔除生鲜食品的核心消费者价格指数（CPI）12 月同比上涨 2.3%，较上月 2.8% 的涨幅大幅回落， 而经济学家此前预期该数据仅降至 2.5%。整体通胀率从上月的 2.7% 放缓至 2.0%，剔除生鲜食品与能 源价格的核心核心通胀率则降至 2.6%。东京通胀数据向来是日本全国通胀走势的先行指标。 此次数据发布之际，市场正密切关注日本物价走向，以此判断央行下一轮政策调整的时机。上周，日本 央行货币政策委员会全票通过决议，将政策利率上调至 0.75%，创下 1995 年以来的最高水平。央行行 长植田和男在决议后的新闻发布会上表示，若物价走势符合预期，央行将继续收紧货币政策，但并未明 确后续加息节奏与终端利率水平。 尽管此次通胀数据大幅回落，但仍高于日本央行 2% 的通胀目标，这意味着央行的进一步政策收紧路径 未受影响。该结果也基本契合 ...

日本10年期国债收益率攀升至1999年以来的最高水平，日元走弱，尽管日本央行如普遍预期宣布加息， 但围绕政策路径的不确定性依然存在。日本央行加息25基点至0.75%符合经济学家预期，但交易员对央 行何时可能再次收紧货币政策缺乏明确指引感到失望。美元/日元涨幅扩大至0.9%，报156.89，触及12 月10日以来最高水平。10年期日债收益率升破2%，标志着日本金融市场在正常化进程中的一个重要里 程碑。目前，该收益率已高于中国的同等期限收益率，但仍约为美国收益率的一半。（智通财经） ...

分析师Jamie McGeever：日元兑美元是2025年表现最差的主要货币，尽管日本央行是唯一加息的主要央 行。进一步的紧缩政策并不能保证日元能逃脱干预的"危险区域"。预计日本央行将在周五继续其渐进式 紧缩周期，加息25个基点。利率 期货暗示明年还将加息约40个基点。从目前的情况来看，这将使日本 央行与澳洲联储和新西兰联储一道，成为明年10国集团中立场最强硬的央行之一。市场将密切关注日本 央行行长植田和男周五的指引，以寻找日本央行进一步收紧政策意愿的线索。但更多的加息并不能保证 日元会在2026年复苏。除了美联储之外，大多数主要央行的宽松周期已接近尾声。如果明年全球货币政 策开始收紧，其他央行可能会迅速缩小与日本央行的差距。 ...

（文章来源：新华财经） 据英国《金融时报》报道，印度央行行长马尔霍特拉表示，最近的预测表明，政策利率应该会在很长一 段时间内保持低位。 马尔霍特拉的言论强化了印度央行的谨慎立场。尽管国内价格压力已从近期高点有所缓解，但印度央行 似乎不愿过早收紧货币政策，尤其是在全球经济增长不确定性继续给前景蒙上阴影的情况下。 马尔霍特拉强调的其中一个风险是美国贸易协议的潜在经济影响。马尔霍特拉表示，贸易安排的变化可 能会对印度的增长产生多达0.5个百分点的影响，突显出这个亚洲第三大经济体对全球贸易流动和外部 需求变化的敏感性。 尽管贸易影响的细节仍然有限，但这些言论表明，印度央行正在将外部风险纳入其政策考量。 ...

日本央行如果上调政策利率，将推高名义国债收益率，这通常有利于日元。然而，如果消费物价持续大 幅上涨，日元购买力将被侵蚀，此举的提振效果也会大打折扣。本季度日元对美元汇率已下跌超 4.5%，截至发稿，美元兑日元汇率报155.51。 鉴于日本市场对通胀上升的押注，经通胀调整后的国债收益率受到抑制，进而削弱了其对日元的支撑能 力。 衡量市场对未来价格涨幅预期的重要指标——10年期盈亏平衡通胀率——本周飙升至2004年有记录以来 的最高水平。尽管日本央行行长植田和男近日强烈暗示，央行可能在本月晚些时候的会议上收紧货币政 策以抑制通胀，但该指标周一早间触及约1.74%的高位，此后一直维持在1.7%以上。 "随着通胀预期升温，日本央行的加息举措不会带来实际利率的上升，因此难以成为支撑日元的因 素，"SMBC Nikko Securities首席外汇和外国债券策略师Makoto Noji表示。 10年期盈亏平衡通胀率反映的是名义国债收益率与相同期限通胀挂钩债券收益率之间的差值。目前10年 期国债收益率减去该盈亏平衡通胀率后，实际收益率仅约0.2%。植田和男曾表示，当前实际利率处于 低位，即使未来加息，货币政策仍将保持宽松。 ...

Economic Performance - Japan's economy experienced an annualized contraction of 1.8%, marking a quarterly decline of 0.4%, the first negative growth in six quarters [1] - The contribution of external demand to GDP was 0.2 percentage points, reflecting the impact of increased tariffs from the U.S. [4] - Housing investment declined by 9.4% from the previous quarter, translating to an annualized drop of 32.5%, primarily due to changes in building regulations [5] Bond Market Reaction - The Japanese bond market saw widespread declines, with yields generally rising; the 10-year bond yield increased by 3.4 basis points to 1.734% [1][3] - The 20-year bond yield rose by 3.2 basis points to 2.748%, and the 30-year bond yield increased by 5 basis points to 3.263% [3][4] Central Bank Policy Outlook - Economists suggest that the economic contraction complicates the timeline for the Bank of Japan's next interest rate hike [1] - The next policy meeting of the Bank of Japan is scheduled for December 18-19, with expectations that the central bank may delay any policy changes until next year [5][6] - Private consumption growth was only 0.1%, down from 0.4% in the previous quarter, indicating weakened consumer demand due to inflation outpacing wage growth [6] Future Economic Projections - Some economists believe that the Bank of Japan will assess the effectiveness of government measures in its January economic report before deciding on further actions [7] - The potential for a rebound in economic activity in the fourth quarter could influence the central bank's decisions regarding monetary policy tightening in early 2024 [6][7]

Core Insights - Japan's core consumer price index (CPI) rose by 2.9% year-on-year in September, indicating a slight rebound from August and highlighting the cost of living pressures the new government will face [1][1][1] - Rising energy costs are the primary driver behind the inflation increase, with key inflation indicators remaining at or above the Bank of Japan's 2% target for three and a half years [1][1][1] - Economists predict that the Bank of Japan may implement its next interest rate hike in December 2025 or January 2026, with a shift in expectations for a 25 basis point increase from October to December [1][1][1] Economic Policy Implications - The new Prime Minister, Sanna Takashi, has identified addressing the cost of living crisis as a key focus of her administration, with current inflation data providing a basis for her policy agenda [1][1][1] - The coordination between the government and the Bank of Japan regarding monetary policy will be tested as the new administration seeks to manage inflation while addressing economic challenges [1][1][1]

Core Viewpoint - The Federal Reserve's Milan suggests that due to passive monetary policy tightening and an improving inflation outlook, there is a need for interest rate cuts [1] Group 1 - The passive tightening of monetary policy is influencing the current economic landscape [1] - An improvement in the inflation outlook is contributing to the discussion around potential interest rate cuts [1]