日本10年期政府债券收益率跌至0.96%，徘徊在接近4周低点的水平，并在美国5月通胀数据疲软的情况下追随美国债券收益率的下降。美联储还表示，今年只降息一次，最晚可能在12月，但点图表明，2025年将采取更积极的降息路线。在国内，投资者为日本央行本周的政策决定做好了准备，人们普遍预计日本央行将保持利率不变，但交易员将关注央行是否会宣布减少每月债券购买量。日本央行行长上田一夫上周重申，央行将逐步缩减其庞大的资产负债表，尽管时间尚不确定。与此同时，日本央行前董事会成员木内隆藏表示，该行可能会将其灵活的债券购买计划作为一种“微调工具”，以使自己有能力应对增长和通胀的上行和下行风险。
Japan’s 10-year government bond yield fell toward 0.96%, hovering close to 4-week lows and tracking a decline in US bond yields amid soft US inflation figures for May. The Federal Reserve also signaled only one interest rate cut this year which could come as late as December, but the dot plot indicated a more aggressive cutting path for 2025. Domestically, investors braced for the Bank of Japan’s policy decision this week, where it is widely expected to leave rates unchanged, but traders will focus on whether the central bank will announce a reduction in its monthly bond purchases. BOJ Governor Kazuo Ueda reaffirmed last week that the central bank will gradually scale back its huge balance sheet, although the timing remains uncertain. Meanwhile, former BOJ board member Takahide Kiuchi said the bank is likely to maintain its flexible bond purchase program as a “fine-tuning tool” to allow itself the ability to combat both upside and downside risks to growth and inflation.
