日元在避险需求中走强；美元/日元受到美元疲软的压力。日元在避险需求中走强；美元/日元受到美元疲软的压力

Japanese Yen strengthens amid safe-haven demand; USD/JPY under pressure on weaker USD.Japanese Yen strengthens amid safe-haven demand; USD/JPY under pressure on weaker USD

日本央行田村敦促加快向中性利率迈进，警告不要落后于曲线。日本央行董事会成员田村直树（Naoki Tamura）是央行最鹰派的政策制定者之一，他在9月的会议上投票支持加息25个基点，重申了他呼吁加快向中性政策立场转变的呼吁。在今天的一次演讲中，他表示，目前的立场仍然“远离中性利率”，此前加息对国内经济的影响“极其有限”。

BoJ's Tamura urges faster move toward neutral rate, warns against falling behind the curve.BoJ board member Naoki Tamura, one of the central bank's most hawkish policymakers, who voted for a 25bps hike at the September meeting, reiterated his call for a faster shift toward a neutral policy stance. In a speech today, he said the current stance remains “far away from the neutral interest rate” the impact of prior rate hikes on the domestic economy has been “extremely limited.

日本央行董事会成员田村直树警告不要过早收紧货币政策，称日本必须避免回到物价和工资停滞的时期。今天在大阪的一次演讲中，他警告说，不要让通货膨胀持续超过适度水平。他说：“如果利率相对于通货膨胀率过低，存款的实际价值将继续下降，退休人员等没有从工资上涨中受益的家庭将继续面临困难时期。”。田村认为，日本央行不应急于将利率上调至限制性水平，但他指出，随着通胀风险向上倾斜，该行目前正处于考虑加息以使政策更接近中性的阶段。关于外部因素，他表示，日本经济将无法免受美国关税政策的影响，但他补充说，随着全球经济恢复适度扩张，增长可能会加强，海外经济放缓可能没有人们担心的那么严重。

Bank of Japan board member Naoki Tamura warned against premature monetary tightening, saying Japan must avoid returning to a period of stagnant prices and wages. In a speech in Osaka today, he cautioned against allowing inflation to persist beyond moderate levels. “If interest rates are too low relative to the inflation rate, the real value of deposits will continue to decrease, and households that do not benefit from wage increases, such as retirees, will continue to face difficult times,” he said. Tamura argued the BoJ should not rush to raise rates to restrictive levels but noted that with inflation risks tilting upward, the bank is now in a phase of considering rate hikes to bring policy closer to neutral. On external factors, he said Japan’s economy will not be immune to the impact of U.S. tariff policies but added that growth could strengthen as global economies return to a moderate expansion, with the overseas slowdown likely less severe than feared.

日本央行田村：央行应将利率上调至接近中性。日本央行田村：央行应将利率上调至接近中性

BoJ's Tamura: Central bank should lift rates closer towards neutral.BoJ's Tamura: Central bank should lift rates closer towards neutral