日本央行与美国财政部上周联合出手稳定日元汇率[1]。这是自1998年亚洲金融危机以来两国首次合作进行汇市干预[1]。日本央行在两天内投入约87亿美元，美国财政部投入约10亿美元，将日元兑美元汇率从接近164的水平推升至155.21的峰值[1]。
然而这一干预成果正在逐步消退。目前日元汇率已回落至157.7，市场对长期前景表示担忧[1]。美国财政部长Scott Bessent指出，日元过度贬值可能引发地区货币不稳定[1]。更深层的问题在于，日本面临的经济基本面压力并未得到根本改善——日本央行政策利率仅为1%，远低于美联储的3.5%-3.75%和澳洲央行的4.35%[1]，而日本政府债务已超过GDP的200%[1]。为缓解日元贬值压力，美国财政部已向日本央行提供美联储"回购"便利[1]。
Last Sunday, Japan's central bank and the U.S. Treasury Department jointly intervened in currency markets to support the weakening yen, marking their first coordinated action since the 1998 Asian financial crisis.[1] The Bank of Japan spent approximately $8.7 billion while the U.S. Treasury deployed around $1 billion to push the yen-dollar exchange rate from near 164 up to a peak of 155.21.[1] However, the effects of the intervention have already begun to fade, with the rate retreating to 157.7, raising fresh concerns about the durability of such measures.[1]
The divergence in monetary policy between the two countries underscores the challenge facing policymakers. Japan's policy rate stands at 1 percent, significantly lower than the Federal Reserve's 3.5 to 3.75 percent range and Australia's central bank rate of 4.35 percent.[1] U.S. Treasury Secretary Scott Bessent has warned that the yen's depreciation risks creating regional currency instability.[1] Adding to the structural pressures, Japan's government debt exceeds 200 percent of GDP, and the U.S. Treasury has extended Federal Reserve repurchase facility access to the Bank of Japan to support the intervention effort.[1] Market observers worry that underlying economic weakness in Japan may necessitate repeated interventions to maintain exchange rate stability.