新华财经北京9月25日电（崔凯）日本央行25日公布的货币政策会议纪要显示，多位政策委员对当前经 济与通胀形势表达了审慎乐观，但内部对货币政策正常化的节奏存在明显分歧。 9月19日，日本央行货币政策会议以7比2的投票结果决定维持基准利率在0.5%不变，连续第五次会议按 兵不动，符合市场预期。同时，该行全票通过将开始出售所持交易所交易基金（ETF）及日本房地产投 资信托（J-REIT），出售规模原则上将与"从金融机构购入股票"的规模大体相当，并强调避免对金融市 场造成不稳定影响。 本次议息会议最显著的特征在于"静态平衡"表象下的动态调整。尽管维持利率不变，但日本央行同步启 动ETF抛售机制，标志着量化宽松政策的实质性收缩。据政策声明，此次资产处置将遵循"避免市场动 荡"原则，规模与金融机构股票购入量大体相当。 多位委员表达了类似观点。一位委员表示，若通胀率持续高于2%较长时间，日本央行应适时调整货币 政策支持力度；另一委员则强调，"从风险管理角度看，在适当的时候加息至关重要"，并主张"应尽可 能尽早加息"，因当前政策利率已低于中性区间，过度谨慎恐错失时机。 然而，亦有委员提醒需保持耐心。一位委员指出，日本央行在做 ...

日银正式着手讨论如何处置持有的ETF是在2024年3月解除负利率政策之前。当时除了在市场出售外， 还有转移至外部机构等多个方案。 在与日本财务省等不断展开私下磋商的背景下，逐渐缩减选项。同一年，日银似乎在当年内就敲定 了"用较长时间、分批小额在市场出售ETF"这一方案的大致框架。 | | 日本央行购买和处置ETF的迄今为止的动向 | | --- | --- | | 2010年10月 | 作为全面货币宽松的一环而决定购买 | | 13年4月 | 启动超宽松货币政策,买入额增加到 每年1万亿日元 | | 14年10月 | 随着追加宽松,将买入额增至3倍的每年3万亿日元 | | 16年7月 | 随着追加宽松,买入额扩大至每年6万亿日元 | | 20年3月 | 为应对新冠疫情,将年度买入额上限 提高至12万亿日元 | | 21年3月 | 1 公式中文网 买入节奏调整为"根据需要" | | 24年3月 | 解除超宽松货币政策,结束新增买入 | | 25年7月 | 从日本的银行买入的股票出售完毕 | | 25年9月 | (2日) 副总裁冰见野在演讲中提及 ETF处置 | | | (19日) 决定在市场上出售ETF | 货 ...

新华财经东京9月19日电 东京股市两大股指19日小幅回落。日经225种股票平均价格指数收盘下跌 0.57%，东京证券交易所股票价格指数下跌0.35%。 从板块来看，东京证券交易所33个行业板块多数下跌，其他制品、服务业、精密机器等板块跌幅靠前； 银行业、批发业、证券及商品期货交易业等板块上涨。 （文章来源：新华财经） 受隔夜纽约股市三大股指全面收高鼓舞，19日早盘东京股市两大股指小幅高开。上午交易时段，大盘在 昨天收盘价上方小幅波动。下午交易时段，受日本央行决定在市场上出售其持有的交易所交易基金 （ETF）等资产消息影响，大盘由涨转跌。 至收盘时，日经指数下跌257.62点，收于45045.81点；东证指数下跌11.19点，收于3147.68点。 ...

日本央行行长植田和男在记者会上表示，央行目前计划每年出售账面金额约为3300亿日元的ETF及账面 金额约为50亿日元的REIT，具体出售时机待定，尚需一定准备时间。他同时表示，具体出售额度有可 能在未来的货币政策会议上进行调整，也可能根据市场情况叫停。 新冠疫情期间，为应对疫情对经济及市场造成的严重冲击，日本央行通过扩大资产购买计划等手段持续 加大货币政策宽松力度。自去年3月日本央行宣布结束负利率政策、开启首次加息，央行就停止了ETF 及REIT购买并一直寻找时机出售持有的资产。 新华财经东京9月19日电 日本央行当天在结束为期两天的货币政策会议后宣布，维持现行利率水平不 变，未来将择机在市场上出售其持有金融资产。通过出售资产日本央行将进一步缩减宽松规模，推动货 币政策正常化。 公告显示，日本央行继续将政策利率（无担保隔夜拆借利率）保持在0.5%左右。此外，央行未来将择 机在市场上出售其持有的交易所交易基金（ETF）及房地产投资信托（REIT）等资产。 据《日本经济新闻》网站报道，账面金额3300亿日元的ETF目前的市场价值约为6200亿日元。截至今年 3月底，日本央行持有的ETF账面价值总计达37万亿日元， ...

Group 1 - The Bank of Japan decided to maintain the benchmark interest rate at 0.5% for the fifth consecutive meeting, aligning with market expectations [1][2] - The central bank will begin selling its holdings of ETFs and J-REITs, with the sale scale expected to be roughly equivalent to the scale of stock purchases from financial institutions [2] - Japan's economy is showing moderate recovery overall, but certain sectors remain weak, influenced by trade policies and tariffs, particularly from the U.S. [2][3] Group 2 - Private consumption remains resilient due to improvements in employment and income, despite consumer confidence being affected by rising prices [3] - The Consumer Price Index (CPI), excluding fresh food, has maintained a year-on-year increase in the range of 2.5% to 3.0%, with inflation expectations rising moderately [3] - Future economic growth in Japan may slow down due to external trade policies and declining corporate profits, although a loose financial environment may provide support [3][4]

格隆汇9月17日｜一份投资展望报告显示，全球最大资产管理公司贝莱德(BLK.N)正 "调高风险配 置"——在其规模达1850亿美元的模型投资组合平台中，大幅增持美国股票并加大对人工智能（AI）领 域的敞口。该展望报告指出，凭借美国股市"顶尖的盈利表现"，贝莱德在其系列模型组合中，以减持国 际发达市场股票为代价，增加了对美股的配置。调整后，这些组合的股票持仓整体超配2%。数据显 示，周二（调整当日），随着贝莱德完成资产配置调整，其旗下对应的交易所交易基金（ETF）间出现 数十亿美元级别的资金流动。贝莱德此次调整模型组合，是对美股上涨行情投下的"信心票"：今年以 来，受AI领域投资热潮推动，叠加市场对美联储即将开启降息周期的押注，标准普尔500指数已创下历 史新高。贝莱德在投资报告中表示，美国企业相对强劲的盈利表现将推动美股继续走高，并指出，自 2024年第三季度以来，美国企业盈利增长达11%，而其他发达市场同类企业的盈利增幅不足2%。 ...

在4月份，肯尼思·帕克（Kenneth Pack）首次投资了黄金，以保护自己免受他所认为的新一届特朗普政 府的混乱影响，而这场"混乱交易"似乎才刚刚升温。 即使在美股从特朗普"解放日"的混乱中恢复并创下更高点之后，像帕克这样的投资者仍在继续向这种贵 金属投入资金。这位内华达州的退休人员计划继续持有贵金属及相关股票，这些资产占其投资组合的 17%。 他的理由包括特朗普政府那些时断时续的政策推出，有时一天之内就会有数次关税变动。帕克说，"奇 怪似乎已成为新常态。" 一场现代版的"淘金热"正在上演，从好市多的商店过道，到伦敦的地下金库，再到华尔街闪烁的屏幕。 据道琼斯市场数据，今年黄金的价值已飙升39%，其年度价格涨幅有望超过新冠疫情或2007-09年衰退 深渊时期的水平。自1979年以来，这种贵金属的期货价格从未在一年内如此飙升，当时一场全球能源危 机引发了通胀冲击，重创了世界经济。 如今，吸引人们涌向这个最原始的市场避风港的，并非一场金融崩溃。最近金价创纪录的上涨部分源于 白宫，大大小小的投资者正争相保护自己，以应对美国经济及其在世界上的角色的不确定前景。 美国总统特朗普重塑全球贸易的企图已助长了通胀，并搅乱了 ...

Group 1 - The U.S. stock market, after a significant rise of $14 trillion, is approaching a critical turning point with expectations of a Federal Reserve interest rate cut next week [1] - The S&P 500 index has surged 32% since April, driven by expectations of multiple rate cuts by the Fed this year, with a 25 basis point cut anticipated next week [1][3] - Concerns about a potential "hard landing" for the economy have emerged, fueled by recent economic data, including a report showing the highest unemployment rate since 2021 [4] Group 2 - A structural shift in the market is occurring, with a trillion-dollar influx of funds driven by exchange-traded funds (ETFs), which is providing stable support for risk assets regardless of economic data [3][4] - ETFs have attracted over $800 billion in funds this year, with $475 billion flowing into the stock market, potentially setting a record for annual inflows exceeding $1 trillion [4][6] - The "automatic driving effect" of retirement savings being regularly invested into passive index funds is reshaping market dynamics and influencing the transmission of monetary policy [6] Group 3 - Historical data suggests that after the Fed pauses rate hikes for six months or more and then resumes cuts, the S&P 500 typically sees an average increase of 15% over the following year [3][7] - Investment strategies are being shaped by the anticipated speed and magnitude of Fed rate cuts, with cyclical sectors performing best during mild economic slowdowns and defensive sectors favored during deeper downturns [7][8] - Investors are focusing on different sectors, with some favoring small-cap stocks and others maintaining positions in leading companies like Nvidia, Amazon, and Alphabet, betting on their resilience amid economic slowdowns [8]

Group 1 - BlackRock is exploring the digitization of its investment products, specifically focusing on tokenizing exchange-traded funds (ETFs) for blockchain trading [1] - The company launched a tokenized money market fund named BUIDL in 2024, which has surpassed $2 billion in size and gained popularity on cryptocurrency platforms [1] - Tokenization allows for trading outside of traditional Wall Street hours, making U.S. products more accessible internationally and creating new collateral uses for crypto networks [1][2] Group 2 - BlackRock is actively supporting digital assets and has tested tokenized fund shares on JPMorgan's Onyx infrastructure, positioning itself as an early adopter of digital settlement models [2] - The transition to tokenized assets faces challenges, including the need for regulatory clarity and integration with existing clearing systems [2] - The current market size for tokenized assets is approximately $28 billion, while the U.S. ETF industry is valued in the trillions, indicating significant potential for growth in this area [3]

Group 1: Precious Metals Market - Gold prices are hovering around $3480, nearing historical highs, while silver has surpassed $40 per ounce for the first time since 2011, driven by geopolitical tensions and financial uncertainty [1] - The demand for safe-haven assets like gold and silver is increasing due to concerns over the independence of the Federal Reserve following Trump's frequent attacks on it [1][3] - Silver is gaining attention not only as a precious metal but also for its industrial applications in clean energy technologies, leading to a projected fifth year of supply shortages [4] Group 2: Economic Indicators and Federal Reserve Actions - A key employment report is expected to show an addition of 75,000 jobs in August, with a slight increase in the unemployment rate to 4.3%, which may influence market expectations regarding the Federal Reserve's policy easing [5] - The Personal Consumption Expenditures (PCE) price index showed a month-on-month increase of 0.2% and a year-on-year increase of 2.6%, indicating persistent inflation [6] - The likelihood of a 25 basis point rate cut by the Federal Reserve later this month is currently priced at 87% by traders, influenced by dovish comments from San Francisco Fed President Daly [7][8] Group 3: Trade and Tariff Implications - A federal appeals court ruled that Trump's global tariffs were illegally imposed under an emergency law, although these tariffs remain in place during the appeal process, which may affect investor confidence [3][9] - The ongoing negotiations with trade partners, despite the court ruling, suggest that trade dynamics will continue to influence market conditions and investor sentiment [9]