<p>日本银行的调查显示，部分投资者请求暂停其债券缩减计划，因为近期债券市场剧烈波动掩盖了下个月即将进行的量化紧缩（QT）计划的审查。</p>
<p>尽管其他人选择维持适度的缩减步伐，但一位投资者表示，如果市场变得不稳定，日本银行必须做好紧急购债操作的准备，中央银行周四发布的调查摘要显示。</p>
<p>摘要突显了日本银行在减少其庞大的日本政府债券（JGB）持有量时所面临的挑战，此时中东冲突引发的通胀担忧使债券市场变得紧张。</p>
<p><strong>六月会议审查计划</strong></p>
<p>在下次的政策会议上，日本银行将审查其现行的债券缩减计划，该计划将持续到 2027 年 3 月，并为 2027 财年及以后的新计划做出安排。</p>
<p>自 2024 年以来，该银行一直在缩减其巨额的债券购买，目前每月购买约 2.1 万亿日元（约合 169 亿新元）的 JGB。</p>
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<p>在六月审查之前的调查中，一些投资者敦促日本银行暂停从下一个财政年度开始的债券缩减，并保持当前的购买速度，日本银行表示。</p>
<p>“每月购买 2.1 万亿日元不太可能扭曲市场功能，” 一家金融机构在调查中被引用说，这一观点得到了另一位投资者的认同。</p>
<p>然而，其他人呼吁日本银行继续减缓其债券购买，一些人认为最终应将每月购买量减至约 1.3 万亿日元甚至为零，摘要显示。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6ffbba44e9e41f30066cb77ef6a80ff7d8daace468ccb2437fba91f10dfc7fa6/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6ffbba44e9e41f30066cb77ef6a80ff7d8daace468ccb2437fba91f10dfc7fa6/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>OCBC 在 HSBC 印度尼西亚交易中大幅超越其他银行：消息来源</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/79851101b34e95ae5ae66d1793b99e659bcc29e30384c8a1aa2fb15f61f7a711/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/79851101b34e95ae5ae66d1793b99e659bcc29e30384c8a1aa2fb15f61f7a711/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>日本经济增长加快为日本银行加息提供窗口</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0021986a319a95d59dffbb30cf998c6a1f8ae325dec9292ebfe78308c552d844/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0021986a319a95d59dffbb30cf998c6a1f8ae325dec9292ebfe78308c552d844/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>日本经济在第一季度稳健增长，但伊朗战争可能打乱势头</h3>
<p>“日本银行应继续以每季度 2000 亿日元的速度缩减，以便（每月）债券购买最终减缓至约 1.3 万亿日元，这是在雷曼危机之前的购买水平，” 一位投资者被引用说。</p>
<p>在行长上田和夫的领导下，自 2024 年以来，日本银行的债券持有量从约 500 万亿日元开始减少，旨在在经历了数十年的超低利率后正常化货币政策。</p>
<p>“由于长期实施非常规货币政策，日本银行的资产负债表变得非常庞大，” 日本银行董事会成员小 eda Junko 周四表示。“继续灵活且可预测地正常化资产负债表是很重要的。”</p>
<p><strong>市场动荡可能减缓押注的解除</strong></p>
<p>金融市场的动荡可能迫使日本银行减缓其债务持有的解除，消息人士告诉路透社，这让焦虑的债券投资者感到一些宽慰，因为飙升的收益率暴露了日益恶化的财政压力和通胀压力。</p>
<p>尽管中央银行对直接干预债券市场设定了高门槛，但摘要显示一位投资者呼吁采取此类行动，表明市场参与者正面临全球债券暴跌带来的压力。</p>
<p>“当债券市场变得不稳定时，日本银行应迅速采取行动，例如进行紧急市场操作，” 一位投资者表示。</p>
<p>这项调查是日本银行在制定下一财政年度及以后的债券缩减计划时将重点审查的关键因素之一。路透社</p>
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<p>日本银行（BOJ）面临暂停其债券缩减计划的呼声，原因是近期市场波动和通胀担忧。调查显示，在 6 月政策会议之前，投资者的意见不一，有些人呼吁暂停缩减，而另一些人则主张逐步减少债券购买。自 2024 年以来，BOJ 一直在缩减，目前每月购买 2.1 万亿日元的日本政府债券。中央银行应对市场不稳定的能力可能会影响其未来的债券缩减策略</p>

<p>SOME Bank of Japan drew some requests to pause its bond taper plan, its survey of investors showed, as recent sharp bond market swings overshadow a review of a quantitative tightening (QT) plan due next month.</p>
<div class="lb-trans"><p>日本银行的调查显示，部分投资者请求暂停其债券缩减计划，因为近期债券市场剧烈波动掩盖了下个月即将进行的量化紧缩（QT）计划的审查。</p>
</div><p>Though others opted to maintain the moderate pace of the taper, one investor said the BOJ must stand ready for emergency bond-buying operations if markets turned unstable, a summary of the survey released by the central bank showed on Thursday.</p>
<div class="lb-trans"><p>尽管其他人选择维持适度的缩减步伐，但一位投资者表示，如果市场变得不稳定，日本银行必须做好紧急购债操作的准备，中央银行周四发布的调查摘要显示。</p>
</div><p>The summary highlights the challenge the bank faces in reducing its massive holdings of Japanese government bonds (JGB) at a time when mounting inflationary fears from the Middle East conflict are making bond markets jittery.</p>
<div class="lb-trans"><p>摘要突显了日本银行在减少其庞大的日本政府债券（JGB）持有量时所面临的挑战，此时中东冲突引发的通胀担忧使债券市场变得紧张。</p>
</div><p><strong>June meeting to review programme</strong></p>
<div class="lb-trans"><p><strong>六月会议审查计划</strong></p>
</div><p>At its next policy meeting in June, the BOJ will review its existing bond-taper programme running through March 2027 and lay out a new plan for fiscal 2027 onward.</p>
<div class="lb-trans"><p>在下次的政策会议上，日本银行将审查其现行的债券缩减计划，该计划将持续到 2027 年 3 月，并为 2027 财年及以后的新计划做出安排。</p>
</div><p>The bank has been tapering its huge bond purchases since 2024 and currently buys roughly 2.1 trillion yen (S$16.9 billion) worth of JGBs per month.</p>
<div class="lb-trans"><p>自 2024 年以来，该银行一直在缩减其巨额的债券购买，目前每月购买约 2.1 万亿日元（约合 169 亿新元）的 JGB。</p>
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<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>In a survey ahead of the June review, some investors urged the BOJ to pause its bond taper from next fiscal year onward and keep buying at the current pace, the BOJ said.</p>
<div class="lb-trans"><p>在六月审查之前的调查中，一些投资者敦促日本银行暂停从下一个财政年度开始的债券缩减，并保持当前的购买速度，日本银行表示。</p>
</div><p>“(Buying at) 2.1 trillion yen is unlikely to distort market function,” one financial institution was quoted as saying in the survey, a view echoed by another investor.</p>
<div class="lb-trans"><p>“每月购买 2.1 万亿日元不太可能扭曲市场功能，” 一家金融机构在调查中被引用说，这一观点得到了另一位投资者的认同。</p>
</div><p>Others, however, called for the BOJ to continue slowing its bond buying, with some arguing it should eventually slow monthly purchases to about 1.3 trillion yen or even zero, the summary showed.</p>
<div class="lb-trans"><p>然而，其他人呼吁日本银行继续减缓其债券购买，一些人认为最终应将每月购买量减至约 1.3 万亿日元甚至为零，摘要显示。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6ffbba44e9e41f30066cb77ef6a80ff7d8daace468ccb2437fba91f10dfc7fa6/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/6ffbba44e9e41f30066cb77ef6a80ff7d8daace468ccb2437fba91f10dfc7fa6?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>OCBC outbids banks on HSBC Indonesia deal by wide margin: sources</h3>
<div class="lb-trans"><h3>OCBC 在 HSBC 印度尼西亚交易中大幅超越其他银行：消息来源</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/79851101b34e95ae5ae66d1793b99e659bcc29e30384c8a1aa2fb15f61f7a711/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/79851101b34e95ae5ae66d1793b99e659bcc29e30384c8a1aa2fb15f61f7a711?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Japan’s faster economic growth offers window for BOJ rate hike</h3>
<div class="lb-trans"><h3>日本经济增长加快为日本银行加息提供窗口</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0021986a319a95d59dffbb30cf998c6a1f8ae325dec9292ebfe78308c552d844/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/0021986a319a95d59dffbb30cf998c6a1f8ae325dec9292ebfe78308c552d844?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Japan’s economy grows at solid pace in Q1, but Iran war set to upend momentum</h3>
<div class="lb-trans"><h3>日本经济在第一季度稳健增长，但伊朗战争可能打乱势头</h3>
</div><p>“The BOJ should continue tapering at a quarterly pace of 200 billion yen so that (monthly) bond buying eventually slows to around 1.3 trillion yen, which is the level it had been buying before the Lehman crisis,” one investor was quoted as saying.</p>
<div class="lb-trans"><p>“日本银行应继续以每季度 2000 亿日元的速度缩减，以便（每月）债券购买最终减缓至约 1.3 万亿日元，这是在雷曼危机之前的购买水平，” 一位投资者被引用说。</p>
</div><p>A reduction in the BOJ’s bond holdings from around 500 trillion yen now has been in train since 2024 under Governor Kazuo Ueda as the bank moves to normalise monetary policy after decades of ultra-low interest rates.</p>
<div class="lb-trans"><p>在行长上田和夫的领导下，自 2024 年以来，日本银行的债券持有量从约 500 万亿日元开始减少，旨在在经历了数十年的超低利率后正常化货币政策。</p>
</div><p>“The BOJ’s balance sheet has become very large due to a prolonged period of unconventional monetary policy,” BOJ board member Junko Koeda said on Thursday. “It’s important to continue normalising the balance sheet flexibly and with predictability.”</p>
<div class="lb-trans"><p>“由于长期实施非常规货币政策，日本银行的资产负债表变得非常庞大，” 日本银行董事会成员小 eda Junko 周四表示。“继续灵活且可预测地正常化资产负债表是很重要的。”</p>
</div><p><strong>Market turbulence could slow unwinding of bet</strong></p>
<div class="lb-trans"><p><strong>市场动荡可能减缓押注的解除</strong></p>
</div><p>Financial market turbulence could force the BOJ to slow its unwinding of debt holdings, sources have told Reuters, giving anxious bond investors some relief as surging yields lay bare worsening fiscal strains and inflation pressures.</p>
<div class="lb-trans"><p>金融市场的动荡可能迫使日本银行减缓其债务持有的解除，消息人士告诉路透社，这让焦虑的债券投资者感到一些宽慰，因为飙升的收益率暴露了日益恶化的财政压力和通胀压力。</p>
</div><p>While the central bank sets a high bar for outright bond market intervention, the summary showed one investor calling for such a move, in a sign of the strain market players are facing from the global bond rout.</p>
<div class="lb-trans"><p>尽管中央银行对直接干预债券市场设定了高门槛，但摘要显示一位投资者呼吁采取此类行动，表明市场参与者正面临全球债券暴跌带来的压力。</p>
</div><p>“When bond markets become unstable, the BOJ should nimbly take action such as conducting emergency market operations,” one investor said.</p>
<div class="lb-trans"><p>“当债券市场变得不稳定时，日本银行应迅速采取行动，例如进行紧急市场操作，” 一位投资者表示。</p>
</div><p>The survey is among key factors the BOJ will scrutinise in mapping out its bond taper plan for the next fiscal year and beyond. REUTERS</p>
<div class="lb-trans"><p>这项调查是日本银行在制定下一财政年度及以后的债券缩减计划时将重点审查的关键因素之一。路透社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，直接发送到您的邮箱，免费。</p>
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BOJ faces calls to pause bond taper as energy shock jolts yields

Businesstimes News

华侨银行

由于能源冲击导致收益率波动，日本央行面临暂停债券缩减的呼声