推荐-日本加息将如何影响全球市场？.pdfVIP

Japanesegovernmentbonds

⽇本国债

HowwillariseinJapaneseinterestratesaffectglobal

markets?

⽇本加息将如何影响全球市场？

Investorsworryaboutfalloutfromyencarrytradeunwindingafter

speechbyBoJgovernor

投资者担忧⽇本央⾏⾏⻓讲话后⽇元套息交易平仓带来的连锁反应

BankofJapanhassignalledaninterestraterisebeforetheyear’sout©Philip

Fong/AFP/GettyImages

⽇本央⾏已暗示年底前将加息©PhilipFong/AFP/GettyImages

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东京LeoLewis报道

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UnlocktheEditor’sDigestforfree

免费解锁编辑精选

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RoulaKhalaf,EditoroftheFT,selectsherfavouritestoriesinthis

weeklynewsletter.

英国《⾦融时报》编辑鲁拉·卡拉夫每周精选她最喜爱的⽂章，在

此新闻通讯中呈现给读者。

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TheBankofJapan’ssignalthatitcouldsoonraiseinterestrates

againhasaddedfueltoabrutalsell-offinthecountry’sbonds

thisyearandsentatremorthroughglobalfinancialmarkets.

⽇本央⾏暗示可能很快再次加息，这为该国今年债券的惨烈抛售

⽕上浇油，并引发全球⾦融市场震荡。

GovernorKazuoUedaonMondayusedlanguagetakenbymany

economistsasaclearindicationheispreparingmarketsfora

movebeforetheyearisout.Swapsmarketsarenowpricingina

two-thirdschanceofaraterisethismonth.

⾏⻓植⽥和男周⼀使⽤的措辞被众多经济学家解读为明确信号

——他正在为年底前的加息⾏动让市场做好准备。⽬前利率互换

市场定价显示，本⽉加息的概率已达到三分之⼆。

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Afteryearsofnegativeinterestrates,whichonlyendedlastyear

andwhichallowedinvestorstoborrowcheaplytobuyhigher-

yieldingforeignassets,globalmarketsarenowbracing

themselvesforthefalloutfromhigherJapaneseborrowing

costs.

在多年负利率（该政策直⾄去年才终⽌，使得投资者能廉价借款

购买⾼收益外国资产）之后，全球市场正为⽇本借贷成本上升带

来的连锁反应未⾬绸缪。

WhatimpacthasUeda’sspeechhadon

markets?

植⽥的演讲对市场产⽣了何种影响？

AfterUeda’sspeech,theyieldonthetwo-yearJapanese

governmentbondhita17-yearhighwhiletheyieldonthe10-

yearnote,whichhasrisen0.8percentagepointsthisyear,

reached1.906percentonThursday.Yieldsmovein