丹斯克銀行:日本央行實施幹預政策加大了債券收益率上升和放棄YCC的壓力
格隆匯9月23日丨週四,日本當局幹預匯市阻止日元貶值。美元兌日元從145.00上方急劇下跌至140.35。丹斯克銀行分析師指出,日本擁有全球第二大外匯儲備,因此擁有繼續捍衛日元的彈藥。然而事實上該行奉行向市場投放更多日元的貨幣政策。日本央行在追求通脹目標的同時支撐日元幾乎是一個不可持續的局面。幹預的決定增加了日本央行最終屈服於收益率走高的全球壓力並放棄YCC,或允許收益率曲線變得更陡峭。推動日元走強的不僅僅是市場所反映的這種更高的可能性。如果日本央行不調整其貨幣政策,或將很難阻止日元再次走弱,然後可能很快就會再次陷入日元創紀錄疲弱的局面。
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