The Japanese yen failed to strengthen after the interest rate hike; instead, the USD/JPY exchange rate quickly broke through 157, reaching a one-month high. The core issue boils down to Kazuo Ueda's statement: he didn't provide clear guidance on the timing of the next rate hike or the final interest rate. While emphasizing that "real interest rates remain significantly negative and financial conditions remain loose," this lack of clarity leads the market to believe the pace will be gradual and moderate.
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qinbafrank
@qinbafrank
日央行如预期加息25个基点，日本央行表预计实质利率将维持在极低水平，如果经济和物价走势符合预期，并随着经济和物价的改善，将继续提高政策利率。即使在利率变动后，货币环境依然宽松，支持经济。意思就是：未来还会加息，但是节奏会很缓和，加息不会太激进，不会快速转向紧缩，但会渐进式推进。从声 x.com/qinbafrank/sta…
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