<p>日本銀行的調查顯示，部分投資者請求暫停其債券縮減計劃，因為近期債券市場劇烈波動掩蓋了下個月即將進行的量化緊縮（QT）計劃的審查。</p>
<p>儘管其他人選擇維持適度的縮減步伐，但一位投資者表示，如果市場變得不穩定，日本銀行必須做好緊急購債操作的準備，中央銀行週四發佈的調查摘要顯示。</p>
<p>摘要突顯了日本銀行在減少其龐大的日本政府債券（JGB）持有量時所面臨的挑戰，此時中東衝突引發的通脹擔憂使債券市場變得緊張。</p>
<p><strong>六月會議審查計劃</strong></p>
<p>在下次的政策會議上，日本銀行將審查其現行的債券縮減計劃，該計劃將持續到 2027 年 3 月，併為 2027 財年及以後的新計劃做出安排。</p>
<p>自 2024 年以來，該銀行一直在縮減其鉅額的債券購買，目前每月購買約 2.1 萬億日元（約合 169 億新元）的 JGB。</p>
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<p>在六月審查之前的調查中，一些投資者敦促日本銀行暫停從下一個財政年度開始的債券縮減，並保持當前的購買速度，日本銀行表示。</p>
<p>“每月購買 2.1 萬億日元不太可能扭曲市場功能，” 一家金融機構在調查中被引用説，這一觀點得到了另一位投資者的認同。</p>
<p>然而，其他人呼籲日本銀行繼續減緩其債券購買，一些人認為最終應將每月購買量減至約 1.3 萬億日元甚至為零，摘要顯示。</p>
<p>另見</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 印度尼西亞交易中大幅超越其他銀行：消息來源</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>日本經濟增長加快為日本銀行加息提供窗口</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>日本經濟在第一季度穩健增長，但伊朗戰爭可能打亂勢頭</h3>
<p>“日本銀行應繼續以每季度 2000 億日元的速度縮減，以便（每月）債券購買最終減緩至約 1.3 萬億日元，這是在雷曼危機之前的購買水平，” 一位投資者被引用説。</p>
<p>在行長上田和夫的領導下，自 2024 年以來，日本銀行的債券持有量從約 500 萬億日元開始減少，旨在在經歷了數十年的超低利率後正常化貨幣政策。</p>
<p>“由於長期實施非常規貨幣政策，日本銀行的資產負債表變得非常龐大，” 日本銀行董事會成員小 eda Junko 週四表示。“繼續靈活且可預測地正常化資產負債表是很重要的。”</p>
<p><strong>市場動盪可能減緩押注的解除</strong></p>
<p>金融市場的動盪可能迫使日本銀行減緩其債務持有的解除，消息人士告訴路透社，這讓焦慮的債券投資者感到一些寬慰，因為飆升的收益率暴露了日益惡化的財政壓力和通脹壓力。</p>
<p>儘管中央銀行對直接干預債券市場設定了高門檻，但摘要顯示一位投資者呼籲採取此類行動，表明市場參與者正面臨全球債券暴跌帶來的壓力。</p>
<p>“當債券市場變得不穩定時，日本銀行應迅速採取行動，例如進行緊急市場操作，” 一位投資者表示。</p>
<p>這項調查是日本銀行在制定下一財政年度及以後的債券縮減計劃時將重點審查的關鍵因素之一。路透社</p>
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<p>日本銀行（BOJ）面臨暫停其債券縮減計劃的呼聲，原因是近期市場波動和通脹擔憂。調查顯示，在 6 月政策會議之前，投資者的意見不一，有些人呼籲暫停縮減，而另一些人則主張逐步減少債券購買。自 2024 年以來，BOJ 一直在縮減，目前每月購買 2.1 萬億日元的日本政府債券。中央銀行應對市場不穩定的能力可能會影響其未來的債券縮減策略</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>日本銀行的調查顯示，部分投資者請求暫停其債券縮減計劃，因為近期債券市場劇烈波動掩蓋了下個月即將進行的量化緊縮（QT）計劃的審查。</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>儘管其他人選擇維持適度的縮減步伐，但一位投資者表示，如果市場變得不穩定，日本銀行必須做好緊急購債操作的準備，中央銀行週四發佈的調查摘要顯示。</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>摘要突顯了日本銀行在減少其龐大的日本政府債券（JGB）持有量時所面臨的挑戰，此時中東衝突引發的通脹擔憂使債券市場變得緊張。</p>
</div><p><strong>June meeting to review programme</strong></p>
<div class="lb-trans"><p><strong>六月會議審查計劃</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>在下次的政策會議上，日本銀行將審查其現行的債券縮減計劃，該計劃將持續到 2027 年 3 月，併為 2027 財年及以後的新計劃做出安排。</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 年以來，該銀行一直在縮減其鉅額的債券購買，目前每月購買約 2.1 萬億日元（約合 169 億新元）的 JGB。</p>
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<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</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>在六月審查之前的調查中，一些投資者敦促日本銀行暫停從下一個財政年度開始的債券縮減，並保持當前的購買速度，日本銀行表示。</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>“每月購買 2.1 萬億日元不太可能扭曲市場功能，” 一家金融機構在調查中被引用説，這一觀點得到了另一位投資者的認同。</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，其他人呼籲日本銀行繼續減緩其債券購買，一些人認為最終應將每月購買量減至約 1.3 萬億日元甚至為零，摘要顯示。</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/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 印度尼西亞交易中大幅超越其他銀行：消息來源</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>日本經濟增長加快為日本銀行加息提供窗口</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>日本經濟在第一季度穩健增長，但伊朗戰爭可能打亂勢頭</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>“日本銀行應繼續以每季度 2000 億日元的速度縮減，以便（每月）債券購買最終減緩至約 1.3 萬億日元，這是在雷曼危機之前的購買水平，” 一位投資者被引用説。</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>在行長上田和夫的領導下，自 2024 年以來，日本銀行的債券持有量從約 500 萬億日元開始減少，旨在在經歷了數十年的超低利率後正常化貨幣政策。</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>“由於長期實施非常規貨幣政策，日本銀行的資產負債表變得非常龐大，” 日本銀行董事會成員小 eda Junko 週四表示。“繼續靈活且可預測地正常化資產負債表是很重要的。”</p>
</div><p><strong>Market turbulence could slow unwinding of bet</strong></p>
<div class="lb-trans"><p><strong>市場動盪可能減緩押注的解除</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>金融市場的動盪可能迫使日本銀行減緩其債務持有的解除，消息人士告訴路透社，這讓焦慮的債券投資者感到一些寬慰，因為飆升的收益率暴露了日益惡化的財政壓力和通脹壓力。</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>儘管中央銀行對直接干預債券市場設定了高門檻，但摘要顯示一位投資者呼籲採取此類行動，表明市場參與者正面臨全球債券暴跌帶來的壓力。</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>“當債券市場變得不穩定時，日本銀行應迅速採取行動，例如進行緊急市場操作，” 一位投資者表示。</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>這項調查是日本銀行在制定下一財政年度及以後的債券縮減計劃時將重點審查的關鍵因素之一。路透社</p>
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<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>
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BOJ faces calls to pause bond taper as energy shock jolts yields

Businesstimes News

華僑銀行

由於能源衝擊導致收益率波動，日本央行面臨暫停債券縮減的呼聲