{"id":46066,"date":"2026-04-28T01:34:38","date_gmt":"2026-04-28T01:34:38","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46066\/"},"modified":"2026-04-28T01:34:38","modified_gmt":"2026-04-28T01:34:38","slug":"%e8%8d%b7%e8%98%ad%e5%90%88%e4%bd%9c%e9%8a%80%e8%a1%8c%ef%bc%88rabobank%ef%bc%89%e5%a4%96%e5%8c%af%e7%ad%96%e7%95%a5%e5%b8%abjane-foley%ef%bc%9a%e6%a4%8d%e7%94%b0%e5%9c%a8imf%e6%9c%83%e8%ad%b0","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/46066\/","title":{"rendered":"\u8377\u862d\u5408\u4f5c\u9280\u884c\uff08Rabobank\uff09\u5916\u532f\u7b56\u7565\u5e2bJane Foley\uff1a\u690d\u7530\u5728IMF\u6703\u8b70\u4e0a\u672a\u6709\u63d0\u4f9b\u6307\u5f15\uff0c\u5e02\u5834\u5c0d\u65e5\u672c\u592e\u884c\uff08BoJ\uff09\u52a0\u606f\u7684\u6a5f\u7387\u4e0b\u8abf\u81f36\u6708"},"content":{"rendered":"

\u8f03\u65e9\u524d\u7684\u5e02\u5834\u8abf\u67e5\u986f\u793a\uff0c\u65e5\u672c\u592e\u884c\uff08BoJ\uff09\u672c\u5468\u52a0\u606f\u6a5f\u6703\u504f\u9ad8\u3002\u4e0d\u904e\uff0c\u884c\u9577\u690d\u7530\u548c\u7537\u5728\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff0f\u4e16\u754c\u9280\u884c\uff08IMF\/World Bank\uff09\u5e74\u6703\u767c\u8a00\u6642\uff0c\u672a\u6709\u91cb\u51fa\u5373\u5c07\u52a0\u606f\u7684\u8a0a\u865f\uff0c\u5e02\u5834\u9810\u671f\u8f49\u54116\u6708\u3002<\/p>\n

\u5e02\u5834\u5f62\u5bb9BoJ\u53d6\u614b\u5be9\u614e\uff0c\u5236\u5b9a\u653f\u7b56\u6642\u66f4\u95dc\u6ce8\u300c\u6838\u5fc3\u901a\u8139\u300d\uff08\u6263\u9664\u6ce2\u52d5\u8f03\u5927\u7684\u9805\u76ee\uff0c\u4f8b\u5982\u80fd\u6e90\u8207\u65b0\u9bae\u98df\u54c1\uff0c\u7528\u4f5c\u89c0\u5bdf\u8f03\u9577\u671f\u7684\u7269\u50f9\u8da8\u52e2\uff09\u3002\u690d\u7530\u63d0\u5230\uff0c\u65e5\u672c\u56e0\u9032\u53e3\u80fd\u6e90\u50f9\u683c\u4e0a\u5347\uff0c\u4ee4\u300c\u8cbf\u6613\u689d\u4ef6\u300d\uff08Terms of trade\uff1a\u51fa\u53e3\u50f9\u683c\u76f8\u5c0d\u9032\u53e3\u50f9\u683c\u7684\u6bd4\u7387\uff0c\u56de\u843d\u4ee3\u8868\u4ee5\u540c\u6a23\u51fa\u53e3\u63db\u53d6\u8f03\u5c11\u9032\u53e3\uff09\u53d7\u58d3\uff0c\u4e26\u5e36\u4f86\u7d93\u6fdf\u4e0b\u884c\u98a8\u96aa\u3002<\/p>\n

Policy Signals And Market Timing<\/h3>\n

\u690d\u7530\u4ea6\u6307\u51fa\u65e5\u672c\u300c\u5be6\u8cea\u5229\u7387\u300d\uff08Real interest rates\uff1a\u540d\u7fa9\u5229\u7387\u6e1b\u901a\u8139\u5f8c\u7684\u5229\u7387\uff09\u4ecd\u7136\u5f88\u4f4e\uff0c\u4ee3\u8868\u5373\u4f7fBoJ\u6700\u8fd1\u6536\u7dca\u653f\u7b56\uff0c\u300c\u8ca8\u5e63\u74b0\u5883\u4ecd\u7136\u975e\u5e38\u5bec\u9b06\u300d\uff08\u501f\u8cb8\u6210\u672c\u4f9d\u7136\u504f\u4f4e\uff09\u3002\u90e8\u5206\u5e02\u5834\u4eba\u58eb\u8a8d\u70ba\uff0c\u9762\u5c0d\u8f03\u5805\u633a\u7684\u300c\u6574\u9ad4\u901a\u8139\u300d\uff08Headline inflation\uff1a\u5305\u542b\u6240\u6709\u9805\u76ee\u7684\u901a\u8139\uff09\uff0cBoJ\u6b65\u4f10\u843d\u5f8c\u3002<\/p>\n

BoJ\u4e00\u76f4\u66f4\u91cd\u8996\u81ea\u8eab\u7684\u6838\u5fc3\u901a\u8139\u6307\u6a19\uff0c\u4e26\u5728\u6700\u8fd1\u4ea4\u4ee3\u66f4\u591a\u8a08\u7b97\u8207\u89e3\u8b80\u3002\u5e02\u5834\u666e\u904d\u9810\u671f\uff0c\u592e\u884c\u5c07\u4e0a\u8abf\u672c\u8ca1\u653f\u5e74\u5ea6\u901a\u8139\u9810\u6e2c\u3002<\/p>\n

\u5e02\u5834\u9810\u671f\uff0cBoJ\u5c0d\u6838\u5fc3\u901a\u8139\u7684\u300c\u6307\u5f15\u300d\uff08Forward guidance\uff1a\u592e\u884c\u5c31\u672a\u4f86\u653f\u7b56\u65b9\u5411\u5411\u5e02\u5834\u63d0\u4f9b\u7684\u8a0a\u606f\uff09\u5c07\u5de6\u53f36\u6708\u662f\u5426\u52a0\u606f\u7684\u5224\u65b7\u3002<\/p>\n

\u5e02\u5834\u518d\u5ea6\u628a\u4e0b\u4e00\u6b21BoJ\u52a0\u606f\u6642\u9593\uff0c\u805a\u7126\u65bc\u590f\u5b63\uff0c\u8f03\u53ef\u80fd\u843d\u57287\u6708\u3002\u81f32026\u5e744\u6708\u4e0b\u65ec\uff0c\u690d\u7530\u8fd1\u671f\u504f\u5be9\u614e\u7684\u8a9e\u6c23\uff0c\u524a\u5f31\u4e86\u5e02\u5834\u5c0d6\u6708\u6703\u8b70\u52a0\u606f\u7684\u61a7\u61ac\u3002\u9019\u4ee4\u4e0d\u78ba\u5b9a\u6027\u4e0a\u5347\uff0c\u6295\u8cc7\u8005\u53ef\u900f\u904e\u300c\u884d\u751f\u5de5\u5177\u300d\uff08Derivatives\uff1a\u50f9\u503c\u53d6\u6c7a\u65bc\u76f8\u95dc\u8cc7\u7522\u7684\u91d1\u878d\u5408\u7d04\uff0c\u4f8b\u5982\u671f\u6b0a\uff09\u7ba1\u7406\u98a8\u96aa\u8207\u90e8\u7f72\u3002<\/p>\n

Trading Implications Into Summer<\/h3>\n

BoJ\u4fdd\u6301\u5be9\u614e\u6709\u5176\u7406\u64da\u3002\u65e5\u5713\u514c\u7f8e\u5143\u4ecd\u5728160\u4ee5\u4e0a\u504f\u5f31\uff0c\u7b49\u540c\u900f\u904e\u9032\u53e3\u628a\u7269\u50f9\u58d3\u529b\u5e36\u56de\u65e5\u672c\u3002\u96d6\u7136\u6700\u65b0\u6578\u64da\u986f\u793a\u6838\u5fc3\u901a\u8139\u7dad\u6301\u57282.4%\uff0c\u592e\u884c\u4ecd\u64d4\u5fc3\u52a0\u606f\u904e\u5feb\u6703\u6253\u64ca\u4ecd\u7136\u8106\u5f31\u7684\u5fa9\u7526\u3002\u690d\u7530\u4e00\u518d\u5f37\u8abf\uff0c\u5373\u4f7f\u5df2\u52a0\u606f\u6578\u6b21\uff0c\u5be6\u8cea\u5229\u7387\u4ecd\u6df1\u5ea6\u70ba\u8ca0\uff0c\u610f\u5473\u653f\u7b56\u4ecd\u7136\u504f\u5411\u652f\u6301\u7d93\u6fdf\u3002<\/p>\n

\u56de\u98672025\u5e74\u6625\u5b63\uff0c\u5e02\u5834\u4ea6\u66fe\u56e0\u884c\u9577\u7684\u8868\u614b\uff0c\u628a\u52a0\u606f\u9810\u671f\u75314\u6708\u62bc\u5f8c\u81f36\u6708\u3002\u9019\u53cd\u6620BoJ\u66f4\u91cd\u8996\u81ea\u8eab\u6838\u5fc3\u901a\u8139\u6307\u6a19\u8207\u653f\u7b56\u6307\u5f15\uff0c\u800c\u975e\u56de\u61c9\u77ed\u671f\u5e02\u5834\u58d3\u529b\u3002\u592e\u884c\u7684\u505a\u6cd5\u8f03\u6e05\u6670\uff0c\u4f46\u843d\u5be6\u6642\u9593\u4ecd\u523b\u610f\u4fdd\u7559\u5f48\u6027\u3002<\/p>\n

\u5c0d\u4ea4\u6613\u54e1\u800c\u8a00\uff0c\u81e8\u8fd17\u6708\u653f\u7b56\u6703\u8b70\uff0c\u65e5\u5713\u300c\u671f\u6b0a\u300d\uff08Options\uff1a\u8ce6\u4e88\u8cb7\u8ce3\u67d0\u8cc7\u7522\u7684\u6b0a\u5229\u800c\u975e\u7fa9\u52d9\u7684\u5408\u7d04\uff09\u5b9a\u50f9\u6216\u6703\u4e0a\u5347\u3002\u82e5\u8981\u90e8\u7f72\u532f\u7387\u300c\u6ce2\u52d5\u300d\uff08Volatility\uff1a\u50f9\u683c\u4e0a\u843d\u5e45\u5ea6\uff09\u53ef\u80fd\u589e\u52a0\uff0c\u53ef\u8003\u616e\u5728\u7f8e\u5143\uff0f\u65e5\u5713\uff08USD\/JPY\uff09\u4ee5\u300c\u8de8\u5f0f\u671f\u6b0a\u300d\uff08Straddle\uff1a\u540c\u4e00\u884c\u4f7f\u50f9\u3001\u540c\u4e00\u5230\u671f\u65e5\uff0c\u540c\u6642\u8cb7\u5165\u770b\u6f32\u8207\u770b\u8dcc\u671f\u6b0a\uff0c\u62bc\u6ce8\u532f\u50f9\u5927\u5e45\u6ce2\u52d5\u800c\u975e\u65b9\u5411\uff09\u4f5c\u7b56\u7565\u3002\u6700\u95dc\u9375\u8a0a\u865f\u662f\u592e\u884c\u4e0a\u8abf\u5f8c\u7684\u901a\u8139\u9810\u6e2c\uff0c\u6599\u5c07\u4e3b\u5c0e\u4e0b\u534a\u5e74\u52a0\u606f\u9810\u671f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

Rabobank\u7b56\u7565\u5e2bJane Foley\u6307\uff0c\u690d\u7530IMF\u6703\u8b70\u62d2\u653e\u98a8\uff0c\u65e5\u672c\u592e\u884c\u52a0\u606f\u9810\u671f\u6025\u964d\uff0c\u5e02\u5834\u63a8\u9072\u81f36\u6708\uff1b\u65e5\u5713\u8d70\u52e2\u6dfb\u8b8a\u6578\uff0c\u6295\u8cc7\u8005\u5b9c\u7dca\u76ef\u653f\u7b56\u53e3\u98a8\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46066","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/46066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=46066"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/46066\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=46066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=46066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=46066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}