日本央行粉碎党。市场对美国指数的最终判断是明确的：标准普尔500指数、纳斯达克指数和道琼斯指数在美联储开始为刚刚上调增长预测的经济体降息后的第二天都创下了历史新高。美国小盘股指数上涨2.5%，而斯托克600指数和富时100指数也出现反弹，尽管欧洲央行（ECB）和英格兰银行（BoE）在最近的会议上没有降息，预计今年也不会降息。

BoJ Crashes the Party.The markets' final verdict for US indices was clear: the S&P 500, Nasdaq and Dow Jones all hit all-time highs a day after the Federal Reserve (Fed) started cutting rates for an economy whose growth forecast it had just raised. The US small-cap index jumped 2.5%, while the Stoxx 600 and FTSE 100 rebounded as well, despite both the European Central Bank (ECB) and the Bank of England (BoE) delivering no rate cuts at their latest meetings and being expected to deliver none this year.

日元反弹，日本央行转向鹰派，日经指数从历史高位回落。在日本央行将利率稳定在0.50%后，日元今天出现了广泛反弹，但发出了鹰派信号，两名成员反对加息。董事会的转变突显了政策正常化的势头日益增强。

Yen Rebounds as BoJ Tilts Hawkish, Nikkei Retreats From Record.Yen staged a broad rebound today after the BoJ held rates steady at 0.50% but delivered a hawkish signal with two members dissenting in favor of a hike. The shift in the board underlined growing momentum toward policy normalization.

日本央行持观望态度，两名成员呼吁加息，开始出售ETF和J-REITs。日本央行在9月份将利率稳定在0.50%，但7票赞成、2票反对的投票结果显示，鹰派倾向日益增强。田村直树（Naoki Tamura）和高田朝纪（Hajime Takata）打破了支持加息的行列，理由是通胀的上行风险和实现2%价格稳定目标的进展。

BoJ holds with two members calling for hike, starts selling ETFs and J-REITs.The BoJ kept rates steady at 0.50% in September, but the 7–2 vote revealed a growing hawkish bias. Naoki Tamura and Hajime Takata broke ranks to support a rate increase, citing upside risks to inflation and progress toward achieving the 2% price stability target.

日本央行开始开放ETF和REIT，日元反弹。日本央行可能如预期般保持利率不变，但他们宣布开始解除其持有的超大ETF和REIT，这让鹰派感到意外。日本政府债券收益率飙升，而日元普遍走强，美元/日元和欧元/日元均跌破-0.4%。

Japanese Yen Rallies as BOJ Begins ETF and REIT Unwind.The Bank of Japan may have held rates as expected, but they delivered a hawkish surprise by announcing the start of unwinding their oversized ETF and REIT holdings. Japanese government bond yields surged, while the yen strengthened broadly, with USD/JPY and EUR/JPY both sliding over -0.4%.