<p>【東京】4 月份的年度核心通脹率降至四年低點，並連續第三個月低於中央銀行 2% 的目標，因為燃料和教育補貼抵消了來自中東衝突的原材料成本上漲。</p>
<p>分析師預計，隨着油價飆升和因日元疲軟導致的進口價格上漲，消費者通脹將在未來幾個月重新加速，這將使日本銀行（BOJ）面臨加息的壓力。</p>
<p>東京核心消費者物價指數（CPI）在 4 月份同比上漲 1.5%，低於 3 月份的 1.7% 增幅，標誌着自 2022 年 3 月以來最慢的同比增長。這一增幅低於市場中值預測的 1.8%。</p>
<p>東京核心 CPI 的放緩被視為全國價格趨勢的領先指標，主要是由於抑制公用事業賬單和學費的補貼影響。</p>
<p>4 月份能源成本同比下降 4.6%，而 3 月份下降了 7.5%。不包括波動性新鮮食品（如蔬菜）的食品價格上漲 4.6%，而 3 月份上漲了 4.9%。</p>
<p>剔除新鮮食品和燃料影響的指數（BOJ 密切關注的更好趨勢通脹指標）在 4 月份上漲 1.9%，而 3 月份上漲了 2.3%。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，直接發送到您的郵箱。</p>
<p>“由於中東衝突帶來的成本推動因素，核心消費者通脹可能會加速，這將推動不僅是能源價格，還有各種商品的價格，” Sompo Institute Plus 的高級經濟學家小池正人表示。</p>
<p>“政策措施可能在某種程度上緩解價格壓力，但無法完全抵消伊朗戰爭的影響，因此實際工資可能會回落到負值區域。”</p>
<p>日本銀行週二維持利率不變，但發出了關於在不斷上升的通脹壓力下，最早在 6 月加息的強烈信號。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9048d8ac7177a7cacb33d4cb127f5810d985c0620603e4b6c7ce1b5d439a39e6/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/9048d8ac7177a7cacb33d4cb127f5810d985c0620603e4b6c7ce1b5d439a39e6/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>日本製造業活動增長因囤積而達到四年高點，PMI 顯示</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3306284bc3ea6a9cbfa8b2db05568305015773e82690cf43ad712fcafca4932/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/f3306284bc3ea6a9cbfa8b2db05568305015773e82690cf43ad712fcafca4932/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>日本警告投機性日元波動，暗示可能進行更多幹預</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a0d8d8f377cf8e0e8eaff66b2e6192f707c603489d829205bd2a3f8baf2b2140/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/a0d8d8f377cf8e0e8eaff66b2e6192f707c603489d829205bd2a3f8baf2b2140/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>日本製造業產出意外下降，伊朗戰爭對石油基產品造成影響</h3>
<p>在 2024 年結束為期十年的大規模刺激計劃後，日本銀行多次加息，包括在 12 月份將短期政策利率提高至 0.75%，認為日本即將持久性地達到中央銀行 2% 的通脹目標。</p>
<p>但緩慢的加息步伐被指責為導致日元疲軟並推高進口成本，從而加大了經濟的通脹壓力。</p>
<p>為了強調政策制定者對生活成本上升的擔憂，日本在週四進行了近兩年來的首次購日元干預，消息人士告訴路透社，使日元匯率上漲了多達 3%。</p>
<p>美以與伊朗的戰爭通過推高燃料成本增加了通脹壓力，複雜了日本銀行的利率決策，給一個高度依賴該地區石油進口的經濟帶來了壓力。</p>
<p>私人調查顯示，日本製造商在 4 月份的投入成本通脹飆升至三年半以來的最高水平，供應鏈以 15 年來最快的速度惡化，表明衝突開始對企業活動產生影響。路透社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱。免費。</p>

2 倍做空日元 ETF - ProShares

1346

1369

日元指數 ETF - CurrencyShares

2525

2 倍做多日圓 ETF - ProShares

<p>東京的年度核心通脹率在四月份降至四年來的最低點 1.5%，連續第三個月低於日本銀行 2% 的目標。這一下降歸因於補貼抵消了中東衝突導致的原材料成本上漲。分析師預測，由於油價飆升和日元疲軟，通脹將加速，這將迫使日本銀行考慮加息。能源成本同比下降了 4.6%，而食品價格上漲了 4.6%。隨着通脹壓力加大，日本銀行發出了可能加息的信號</p>

<p>[TOKYO] Annual core inflation in April hit a four-year low and stayed below the central bank’s 2 per cent target for a third straight month, as fuel and education subsidies offset rising raw material costs from the Middle East conflict.</p>
<div class="lb-trans"><p>【東京】4 月份的年度核心通脹率降至四年低點，並連續第三個月低於中央銀行 2% 的目標，因為燃料和教育補貼抵消了來自中東衝突的原材料成本上漲。</p>
</div><p>Analysts expect consumer inflation to re-accelerate in the coming months as surging oil prices and higher import prices from a weak yen keep the Bank of Japan (BOJ) under pressure to raise interest rates.</p>
<div class="lb-trans"><p>分析師預計，隨着油價飆升和因日元疲軟導致的進口價格上漲，消費者通脹將在未來幾個月重新加速，這將使日本銀行（BOJ）面臨加息的壓力。</p>
</div><p>The Tokyo core consumer price index (CPI), which excludes volatile fresh food costs, rose 1.5 per cent in April from a year earlier, slowing from a 1.7 per cent gain in March and marking the slowest year-on-year growth since March 2022. It compared with a median market forecast for a 1.8 per cent rise.</p>
<div class="lb-trans"><p>東京核心消費者物價指數（CPI）在 4 月份同比上漲 1.5%，低於 3 月份的 1.7% 增幅，標誌着自 2022 年 3 月以來最慢的同比增長。這一增幅低於市場中值預測的 1.8%。</p>
</div><p>The slowdown in Tokyo core CPI, seen as a leading indicator of nationwide price trends, was due largely to the effect of subsidies to curb utility bills and tuition.</p>
<div class="lb-trans"><p>東京核心 CPI 的放緩被視為全國價格趨勢的領先指標，主要是由於抑制公用事業賬單和學費的補貼影響。</p>
</div><p>Energy costs fell 4.6 per cent year-on-year in April after a 7.5 per cent drop in March. Prices of food, excluding volatile fresh items like vegetables, rose 4.6 per cent following a 4.9 per cent increase in March.</p>
<div class="lb-trans"><p>4 月份能源成本同比下降 4.6%，而 3 月份下降了 7.5%。不包括波動性新鮮食品（如蔬菜）的食品價格上漲 4.6%，而 3 月份上漲了 4.9%。</p>
</div><p>An index stripping away the effect of fresh food and fuel, which is closely watched by the BOJ as a better gauge of trend inflation, rose 1.9 per cent in April after a 2.3 per cent gain in March.</p>
<div class="lb-trans"><p>剔除新鮮食品和燃料影響的指數（BOJ 密切關注的更好趨勢通脹指標）在 4 月份上漲 1.9%，而 3 月份上漲了 2.3%。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</p>
</div><p>“Core consumer inflation is likely to accelerate due to cost-push factors from the Middle East conflict, which will push up not just prices for energy but various items,” said Masato Koike, senior economist at Sompo Institute Plus.</p>
<div class="lb-trans"><p>“由於中東衝突帶來的成本推動因素，核心消費者通脹可能會加速，這將推動不僅是能源價格，還有各種商品的價格，” Sompo Institute Plus 的高級經濟學家小池正人表示。</p>
</div><p>“Policy measures may moderate the price pressures to some extent but not all of the impact from the Iran war, so real wages could fall back to negative territory.”</p>
<div class="lb-trans"><p>“政策措施可能在某種程度上緩解價格壓力，但無法完全抵消伊朗戰爭的影響，因此實際工資可能會回落到負值區域。”</p>
</div><p>The BOJ kept interest rates steady on Tuesday, but dropped strong signals about the chance of a hike as soon as June on mounting inflationary pressures.</p>
<div class="lb-trans"><p>日本銀行週二維持利率不變，但發出了關於在不斷上升的通脹壓力下，最早在 6 月加息的強烈信號。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9048d8ac7177a7cacb33d4cb127f5810d985c0620603e4b6c7ce1b5d439a39e6/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/9048d8ac7177a7cacb33d4cb127f5810d985c0620603e4b6c7ce1b5d439a39e6?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Japan’s factory activity growth hits 4-year high on stockpiling, PMI shows</h3>
<div class="lb-trans"><h3>日本製造業活動增長因囤積而達到四年高點，PMI 顯示</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f3306284bc3ea6a9cbfa8b2db05568305015773e82690cf43ad712fcafca4932/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f3306284bc3ea6a9cbfa8b2db05568305015773e82690cf43ad712fcafca4932?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Japan warns of speculative yen moves, signals chance of more intervention</h3>
<div class="lb-trans"><h3>日本警告投機性日元波動，暗示可能進行更多幹預</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a0d8d8f377cf8e0e8eaff66b2e6192f707c603489d829205bd2a3f8baf2b2140/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/a0d8d8f377cf8e0e8eaff66b2e6192f707c603489d829205bd2a3f8baf2b2140?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Japan’s factory output in surprise fall as Iran war takes toll on petroleum-based products</h3>
<div class="lb-trans"><h3>日本製造業產出意外下降，伊朗戰爭對石油基產品造成影響</h3>
</div><p>After exiting a decade-long massive stimulus programme in 2024, the BOJ raised rates several times, including in December, when it took its short-term policy rate to 0.75 per cent on the view Japan was on the cusp of durably hitting the central bank’s 2 per cent inflation target.</p>
<div class="lb-trans"><p>在 2024 年結束為期十年的大規模刺激計劃後，日本銀行多次加息，包括在 12 月份將短期政策利率提高至 0.75%，認為日本即將持久性地達到中央銀行 2% 的通脹目標。</p>
</div><p>But the slow pace of rate hikes has been blamed for keeping the yen weak and boosting import costs, which in turn piles inflationary pressure on the economy.</p>
<div class="lb-trans"><p>但緩慢的加息步伐被指責為導致日元疲軟並推高進口成本，從而加大了經濟的通脹壓力。</p>
</div><p>Underscoring policymakers’ concern over rising living costs, Japan conducted its first yen-buying intervention in nearly two years on Thursday, sources have told Reuters, sending the Japanese currency higher by as much as 3 per cent.</p>
<div class="lb-trans"><p>為了強調政策制定者對生活成本上升的擔憂，日本在週四進行了近兩年來的首次購日元干預，消息人士告訴路透社，使日元匯率上漲了多達 3%。</p>
</div><p>The US-Israeli war with Iran has complicated the BOJ’s rate decision by adding inflationary pressure through rising fuel costs, weighing on an economy heavily reliant on oil imports from the region.</p>
<div class="lb-trans"><p>美以與伊朗的戰爭通過推高燃料成本增加了通脹壓力，複雜了日本銀行的利率決策，給一個高度依賴該地區石油進口的經濟帶來了壓力。</p>
</div><p>Japanese manufacturers saw input cost inflation surge to a three-and-a-half-year high and supply chains deteriorating at the steepest rate in 15 years in April, a private survey showed on Friday, a sign the conflict was starting to take a toll on corporate activity. REUTERS</p>
<div class="lb-trans"><p>私人調查顯示，日本製造商在 4 月份的投入成本通脹飆升至三年半以來的最高水平，供應鏈以 15 年來最快的速度惡化，表明衝突開始對企業活動產生影響。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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱。免費。</p>
</div>

Core inflation in Tokyo slows, seen accelerating on energy shock

- 東京 4 月份的核心通脹率降至四年低點，低於 2% 的目標。  
- 隨着油價和進口價格的上升，分析師預計通脹將在未來幾個月加速。  
- 日本銀行面臨加息壓力，並可能在 6 月份採取行動。

東京的核心通脹放緩，但預計因能源衝擊將加速