{"id":45888,"date":"2026-04-24T15:01:45","date_gmt":"2026-04-24T15:01:45","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/45888\/"},"modified":"2026-04-24T15:01:45","modified_gmt":"2026-04-24T15:01:45","slug":"%e4%b8%89%e8%8f%b1%e6%97%a5%e8%81%af%e9%87%91%e8%9e%8d%ef%bc%88mufg%ef%bc%89derek-halpenny%e8%ad%a6%e5%91%8a%ef%bc%9a%e7%be%8e%e5%85%83%e5%85%8c%e6%97%a5%e5%9c%93%e9%80%bc%e8%bf%91160%ef%bc%8c","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/45888\/","title":{"rendered":"\u4e09\u83f1\u65e5\u806f\u91d1\u878d\uff08MUFG\uff09Derek Halpenny\u8b66\u544a\uff1a\u7f8e\u5143\u514c\u65e5\u5713\u903c\u8fd1160\uff0c\u65e5\u592e\u884c\u7acb\u5834\u53ca\u970d\u723e\u6728\u8332\u6d77\u5cfd\u7dca\u5f35\u5c40\u52e2\u62d6\u7d2f\u65e5\u5713"},"content":{"rendered":"

\u7f8e\u5143\u514c\u65e5\u5713\uff08USD\/JPY\uff09\u5728\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\uff0c\u4ee5\u53ca\u970d\u723e\u6728\u8332\u6d77\u5cfd\u9577\u671f\u5c01\u9396\u4e0b\u8d70\u9ad8\uff0c\u903c\u8fd1160\u6c34\u5e73\uff1b\u5e02\u5834\u6182\u616e\u80fd\u6e90\u8207\u904b\u8f38\u53d7\u963b\u6703\u63a8\u9ad8\u7269\u50f9\uff0c\u4ee4\u901a\u8139\u98a8\u96aa\u4e0a\u5347\u3002\u65e5\u5713\u4ea6\u53d7\u65e5\u672c\u300c\u5be6\u8cea\u653f\u7b56\u5229\u7387\u300d\u6df1\u5ea6\u8ca0\u503c\u5f71\u97ff\u3002\u300c\u5be6\u8cea\u653f\u7b56\u5229\u7387\u300d\u610f\u601d\u662f\u653f\u7b56\u5229\u7387\u6263\u9664\u901a\u8139\u5f8c\u7684\u5229\u7387\uff1b\u82e5\u70ba\u8ca0\u503c\uff0c\u4ee3\u8868\u6301\u6709\u65e5\u5713\u7684\u5be6\u969b\u56de\u5831\u504f\u4f4e\uff0c\u5f80\u5f80\u4e0d\u5229\u65e5\u5713\u3002<\/p>\n

\u65e5\u672c\u592e\u884c\uff08BoJ\uff09\u5468\u4e8c\u958b\u6703\uff0c\u5e02\u5834\u9810\u671f\u7dad\u6301\u653f\u7b56\u4e0d\u8b8a\u3002\u56db\u5927\u4e3b\u8981\u592e\u884c\u4e0b\u5468\u4ea6\u6599\u4e0d\u6703\u52a0\u606f\u3002<\/p>\n

BoJ Messaging And Yen Sensitivity<\/h3>\n

\u5e02\u5834\u7126\u9ede\u5728\u65bc\u65e5\u672c\u592e\u884c\u7684\u516c\u958b\u8aaa\u6cd5\u6703\u5426\u5f15\u767c\u9032\u4e00\u6b65\u6cbd\u65e5\u5713\uff0c\u4ee4USD\/JPY\u66f4\u660e\u986f\u5347\u7a7f160\u3002\u690d\u7530\u548c\u7537\u884c\u9577\u7684\u8a18\u8005\u6703\u6599\u5c07\u4e3b\u5c0e\u77ed\u671f\u532f\u50f9\u6ce2\u52d5\u3002<\/p>\n

\u65e5\u672c\u8ca1\u52d9\u7701\u8868\u793a\uff0c\u5df2\u6e96\u5099\u597d\u5c0d\u6295\u6a5f\u6027\u8d70\u52e2\u63a1\u53d6\u300c\u679c\u65b7\u884c\u52d5\u300d\u3002\u8ca1\u52d9\u5927\u81e3\u7247\u5c71\u7a31\uff0c\u65e5\u672c\u8207\u7f8e\u570b\u300c24\u5c0f\u6642\u300d\u4fdd\u6301\u7dca\u5bc6\u806f\u7d61\uff0c\u65e5\u672c\u6709\u300c\u5145\u5206\u7a7a\u9593\u300d\u63a1\u53d6\u884c\u52d5\u3002<\/p>\n

\u5e02\u5834\u76ee\u524d\u70ba6\u6708\u6703\u8b70\u9810\u7559\u7d0418\u500b\u57fa\u9ede\uff08bps\uff09\u7684\u6536\u7dca\u5e45\u5ea6\uff1b\u300c\u57fa\u9ede\u300d\u662f\u5229\u7387\u8b8a\u52d5\u55ae\u4f4d\uff0c1\u500b\u57fa\u9ede\u7b49\u65bc0.01\u500b\u767e\u5206\u9ede\u3002\u82e5\u901a\u8139\u4e0a\u5347\u4f46\u653f\u7b56\u4ecd\u504f\u5bec\u9b06\uff0c\u52a0\u4e0a\u5be6\u8cea\u5229\u7387\u6301\u7e8c\u70ba\u8ca0\uff0c\u4ee5\u53ca\u4ee5\u5f80\u5e72\u9810\uff08\u5b98\u65b9\u5165\u5e02\u8cb7\u8ce3\u5916\u532f\u4ee5\u5f71\u97ff\u532f\u50f9\uff09\u6210\u6548\u77ed\u66ab\uff0c\u65e5\u5713\u6216\u7e8c\u53d7\u58d3\u3002<\/p>\n

\u8e0f\u51652026\u5e744\u6708\u5e95\uff0cUSD\/JPY\u518d\u6b21\u63a8\u5411160\u3002\u7f8e\u65e5\u5229\u7387\u5dee\u8ddd\u4ecd\u662f\u532f\u50f9\u7de9\u6b65\u4e0a\u884c\u7684\u4e3b\u8981\u52d5\u529b\u3002\u7f8e\u570b\u901a\u8139\u9ecf\u6027\u504f\u9ad8\uff0c\u4ee4\u5e02\u5834\u62bc\u6ce8\u806f\u5132\u5c40\uff08Fed\uff09\u6e1b\u606f\u6642\u9593\u63a8\u9072\uff0c\u7f8e\u5143\u7684\u8f03\u9ad8\u5229\u606f\u56de\u5831\uff08\u5b73\u606f\u512a\u52e2\uff09\u6301\u7e8c\u5438\u5f15\u8cc7\u91d1\u96e2\u958b\u65e5\u5713\u3002<\/p>\n

Intervention Risk And Trading Approaches<\/h3>\n

\u53bb\u5e74\uff082025\u5e74\uff094\u6708\u5e95\u81f35\u6708\u521d\u66fe\u51fa\u73fe\u76f8\u4f3c\u5c40\u9762\u3002\u65e5\u672c\u592e\u884c\u7dad\u6301\u504f\u5bec\u9b06\u7acb\u5834\u5f8c\uff0cUSD\/JPY\u7a81\u7834160\uff0c\u89f8\u767c\u8ca1\u52d9\u7701\u5169\u6b21\u5927\u578b\u5e72\u9810\u3002\u5e72\u9810\u5408\u5171\u8017\u8cc7\u7d049.79\u842c\u5104\u65e5\u5713\uff0c\u5c0d\u65e5\u5713\u7684\u652f\u6301\u50c5\u5c6c\u77ed\u66ab\u3002<\/p>\n

\u65e5\u5713\u7684\u57fa\u672c\u9762\u75b2\u5f31\u81f3\u4eca\u672a\u6539\uff0c\u56e0\u5be6\u8cea\u653f\u7b56\u5229\u7387\u4ecd\u6df1\u5ea6\u8ca0\u503c\u3002\u65e5\u672c\u6700\u65b0\u6838\u5fc3\u901a\u8139\u7d042.5%\uff0c\u800c\u65e5\u672c\u592e\u884c\u653f\u7b56\u5229\u7387\u50c50.1%\u3002\u5728\u9019\u7a2e\u300c\u901a\u8139\u9ad8\u65bc\u5229\u7387\u300d\u7684\u74b0\u5883\u4e0b\uff0c\u5373\u4f7f\u5b98\u54e1\u4e0d\u6642\u8b66\u544a\u6703\u5e72\u9810\uff0c\u5e02\u5834\u4ecd\u50be\u5411\u6cbd\u65e5\u5713\u3002<\/p>\n

\u7531\u65bc\u7a81\u767c\u6025\u5347\u6025\u8dcc\u7684\u6a5f\u6703\u9ad8\uff0c\u4ea4\u6613\u8005\u53ef\u8003\u616e\u4ee5\u300c\u6ce2\u5e45\u300d\u70ba\u6838\u5fc3\u7684\u90e8\u7f72\u3002\u300c\u671f\u6b0a\u300d\u662f\u4ee5\u6b0a\u5229\u91d1\u63db\u53d6\u5728\u6307\u5b9a\u65e5\u671f\u524d\u3001\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u5165\u6216\u8ce3\u51fa\u8cc7\u7522\u7684\u6b0a\u5229\u3002\u8cb7\u5165\u65e5\u5713\u770b\u6f32\u671f\u6b0a\uff08\u7b49\u540c\u8cb7\u5165USD\/JPY\u770b\u8dcc\u671f\u6b0a\uff09\uff0c\u53ef\u5728\u98a8\u96aa\u6709\u9650\u4e0b\u62bc\u6ce8\u8ca1\u52d9\u7701\u7a81\u8972\u5e72\u9810\u30022025\u5e74\u532f\u50f9\u66fe\u7531160\u6025\u8dcc\u81f3154\uff0c\u4ee4\u6b64\u985e\u90e8\u7f72\u65e2\u53ef\u4f5c\u4fdd\u8b77\uff0c\u4ea6\u53ef\u4f5c\u6295\u6a5f\u3002<\/p>\n

\u53e6\u4e00\u65b9\u9762\uff0c\u5f37\u52e2\u4e0a\u884c\u8da8\u52e2\u4ee4\u6301\u6709USD\/JPY\u9577\u5009\uff08\u5373\u8cb7\u7f8e\u5143\u3001\u6cbd\u65e5\u5713\uff09\u9817\u5177\u5438\u5f15\u529b\uff0c\u9019\u985e\u505a\u6cd5\u5e38\u88ab\u7a31\u70ba\u300c\u5229\u5dee\u4ea4\u6613\uff08carry trade\uff09\u300d\uff0c\u5373\u501f\u5165\u4f4e\u606f\u8ca8\u5e63\u3001\u8cb7\u5165\u9ad8\u606f\u8ca8\u5e63\u4ee5\u8cfa\u53d6\u606f\u5dee\u3002\u4e0d\u904e\uff0c\u63a5\u8fd1160\u9019\u500b\u66fe\u89f8\u767c\u5b98\u65b9\u884c\u52d5\u7684\u6c34\u5e73\uff0c\u82e5\u5b8c\u5168\u4e0d\u4f5c\u5c0d\u6c96\uff08hedge\uff0c\u5373\u7528\u5176\u4ed6\u5de5\u5177\u62b5\u92b7\u98a8\u96aa\uff09\u98a8\u96aa\u6975\u9ad8\u3002\u4ea4\u6613\u8005\u53ef\u8003\u616e\u6536\u7dca\u6b62\u8755\u6307\u4ee4\uff0c\u6216\u8cb7\u5165\u77ed\u671f\u671f\u6b0a\u4f5c\u4fdd\u96aa\uff0c\u4ee5\u9632\u518d\u73fe\u6240\u8b02\u300c\u679c\u65b7\u884c\u52d5\u300d\u3002<\/p>\n

\u5efa\u7acb\u4f60\u7684 VT Markets \u771f\u5be6\u6236\u53e3<\/a>\u00a0\u4e26\u00a0\u7acb\u5373\u958b\u59cb\u4ea4\u6613<\/a>\u3002 <\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

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