{"id":44275,"date":"2026-04-07T06:19:39","date_gmt":"2026-04-07T06:19:39","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44275\/"},"modified":"2026-04-07T06:19:39","modified_gmt":"2026-04-07T06:19:39","slug":"3%e6%9c%88%ef%bc%8c%e6%97%a5%e6%9c%ac%e5%a4%96%e5%8c%af%e5%84%b2%e5%82%99%e5%a4%a7%e5%b9%85%e4%b8%8b%e9%99%8d%e8%87%b310%e5%84%84%e7%be%8e%e5%85%83%ef%bc%8c%e8%bc%83%e5%85%88%e5%89%8d%e7%9a%841","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/44275\/","title":{"rendered":"3\u6708\uff0c\u65e5\u672c\u5916\u532f\u5132\u5099\u5927\u5e45\u4e0b\u964d\u81f310\u5104\u7f8e\u5143\uff0c\u8f03\u5148\u524d\u76841\u51464,107\u5104\u7f8e\u5143\u4e0b\u6ed1"},"content":{"rendered":"\u65e5\u672c\u7684\u5916\u532f\u5b58\u5e95\u5728 3 \u6708\u964d\u81f3 10 \u5104\u7f8e\u5143\u3002\u524d\u4e00\u671f\u70ba 1 \u5146 4,107 \u5104\u7f8e\u5143\u3002\n\n\u6211\u5011\u5fc5\u9808\u9810\u671f\u65e5\u5713\u6703\u51fa\u73fe\u6975\u7aef\u6ce2\u52d5\u3002\u9019\u4efd\u6578\u64da\u986f\u793a\uff0c\u65e5\u672c\u9280\u884c\uff08BOJ\uff0c\u65e5\u672c\u7684\u4e2d\u592e\u9280\u884c\uff09\u5728 3 \u6708\u70ba\u4e86\u4fdd\u885b\u532f\u7387\u5df2\u7528\u76e1\u53ef\u52d5\u7528\u8cc7\u91d1\uff0c\u4f46\u4ecd\u672a\u80fd\u963b\u6b62\u65e5\u5713\u8d70\u5f31\u3002\u5916\u532f\u5b58\u5e95\uff08\u4e2d\u592e\u9280\u884c\u7528\u4f86\u8cb7\u8ce3\u5916\u5e63\u3001\u5f71\u97ff\u532f\u7387\u7684\u8cc7\u7522\uff09\u5e7e\u4e4e\u898b\u5e95\u5f8c\uff0c\u6211\u5011\u61c9\u5e03\u5c40\u65e5\u5713\u660e\u986f\u8cb6\u503c\uff1a\u8cb7\u9032\u9577\u5929\u671f\u7684 USD\/JPY \u8cb7\u6b0a\uff08Call Option\uff0c\u4e00\u7a2e\u300c\u672a\u4f86\u53ef\u7528\u7d04\u5b9a\u50f9\u683c\u8cb7\u9032\u300d\u7684\u5408\u7d04\uff1b\u9577\u5929\u671f\u4ee3\u8868\u5230\u671f\u6642\u9593\u8f03\u4e45\uff0c\u53ef\u62bc\u6ce8\u8f03\u9577\u6642\u9593\u7684\u8d70\u52e2\uff09\u3002\n\n<h3>\u65e5\u5713\u6ce2\u52d5\u8207\u9078\u64c7\u6b0a\u5e03\u5c40<\/h3>\n\u4eca\u5929\u65e9\u4e0a\uff0c\u5728\u5b58\u5e95\u516c\u544a\u5f8c\uff0c\u65e5\u5713\u514c\u7f8e\u5143\u5df2\u7a81\u7834 190\uff0c\u5275\u4e0b\u8fd1\u4ee3\u5c11\u898b\u7684\u6c34\u6e96\u3002\u65e5\u5713\u9078\u64c7\u6b0a\u7684\u96b1\u542b\u6ce2\u52d5\u7387\uff08Implied Volatility\uff0c\u5e02\u5834\u7528\u671f\u6b0a\u50f9\u683c\u63a8\u7b97\u51fa\u7684\u300c\u9810\u671f\u6ce2\u52d5\u5927\u5c0f\u300d\uff09\u5df2\u98c6\u7834 50%\uff0c\u985e\u4f3c 2008 \u5e74\u91d1\u878d\u5371\u6a5f\u6642\u671f\u3002\u6211\u5011\u61c9\u6e96\u5099\u672a\u4f86\u5e7e\u9031\u53ef\u80fd\u66f4\u9ad8\u3002\n\n\u9019\u5834\u5371\u6a5f\u53ef\u80fd\u76f4\u63a5\u64f4\u6563\u5230\u65e5\u672c\u653f\u5e9c\u516c\u50b5\uff08JGB\uff0c\u65e5\u672c\u653f\u5e9c\u767c\u884c\u7684\u50b5\u5238\uff09\u5e02\u5834\u3002\u7576 BOJ \u7121\u6cd5\u652f\u6490\u532f\u7387\u6642\uff0c\u5b83\u5c0d\u6b96\u5229\u7387\u66f2\u7dda\u7684\u63a7\u5236\uff08Yield Curve Control\uff0c\u900f\u904e\u8cb7\u8ce3\u516c\u50b5\u628a\u4e0d\u540c\u5e74\u671f\u5229\u7387\u58d3\u5728\u76ee\u6a19\u9644\u8fd1\u7684\u653f\u7b56\uff09\u7b49\u540c\u5931\u6548\u3002\u6211\u5011\u9810\u671f JGB \u6b96\u5229\u7387\uff08Yield\uff0c\u50b5\u5238\u5229\u7387\uff09\u6703\u5927\u5e45\u4e0a\u5347\uff0c\u56e0\u6b64\u4ea4\u6613\u8005\u53ef\u7528\u5229\u7387\u4ea4\u63db\uff08Interest Rate Swap\uff0c\u7528\u56fa\u5b9a\u5229\u7387\u63db\u6d6e\u52d5\u5229\u7387\u7684\u5408\u7d04\uff0c\u7528\u4f86\u62bc\u6ce8\u6216\u907f\u96aa\u5229\u7387\u8b8a\u52d5\uff09\u6216\u653e\u7a7a JGB \u671f\u8ca8\uff08Short JGB Futures\uff0c\u7528\u671f\u8ca8\u62bc\u6ce8\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\uff09\u4f86\u5e03\u5c40\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\u3002\n\n\u56de\u9867 2025 \u5e74\uff0c\u6211\u5011\u770b\u5230\u65e5\u7d93\u6307\u6578\uff08Nikkei\uff0c\u65e5\u672c\u4e3b\u8981\u80a1\u50f9\u6307\u6578\uff09\u5c0d\u4efb\u4f55\u653f\u7b56\u6536\u7dca\u7684\u98a8\u8072\u90fd\u6703\u4e0b\u8dcc\u3002\u5982\u4eca\u9762\u5c0d\u532f\u7387\u8207\u50b5\u52d9\u5371\u6a5f\uff0c\u8cc7\u91d1\u5916\u9003\uff08Capital Flight\uff0c\u8cc7\u91d1\u5feb\u901f\u6d41\u51fa\u672c\u570b\u8cc7\u7522\uff09\u662f\u4e3b\u8981\u98a8\u96aa\u3002\u6211\u5011\u61c9\u900f\u904e\u8ce3\u6b0a\uff08Put Option\uff0c\u62bc\u6ce8\u4e0b\u8dcc\u3001\u53ef\u7528\u7d04\u5b9a\u50f9\u683c\u8ce3\u51fa\u7684\u5408\u7d04\uff09\u8207\u671f\u8ca8\u5408\u7d04\u5efa\u7acb\u65e5\u7d93 225 \u6307\u6578\u7684\u5927\u5e45\u653e\u7a7a\u90e8\u4f4d\u3002\n\n\u5f71\u97ff\u4e0d\u53ea\u5728\u65e5\u672c\u3002\u8ce3\u51fa\u8d85\u904e 1 \u5146\u7f8e\u5143\u7684\u5b58\u5e95\uff0c\u4e3b\u8981\u4ee3\u8868\u62cb\u552e\u7f8e\u570b\u570b\u50b5\uff08U.S. Treasuries\uff0c\u7f8e\u570b\u653f\u5e9c\u767c\u884c\u7684\u50b5\u5238\uff09\u3002\u9019\u7a2e\u5927\u91cf\u4f9b\u7d66\u885d\u64ca\uff08Supply Shock\uff0c\u5e02\u5834\u7a81\u7136\u51fa\u73fe\u5927\u91cf\u8ce3\u58d3\uff09\u662f\u7f8e\u570b 10 \u5e74\u671f\u516c\u50b5\u6b96\u5229\u7387\u6628\u5929\u8df3\u5347\u5230 5.8%\u3001\u5275 20 \u5e74\u65b0\u9ad8\u7684\u539f\u56e0\u3002\u96a8\u8457\u5e02\u5834\u6d88\u5316\u9019\u6b21\u524d\u6240\u672a\u898b\u7684\u62cb\u552e\uff0c\u6211\u5011\u9810\u671f\u7f8e\u570b\u5229\u7387\u9084\u6703\u4e0a\u5347\u3002\n\n<h3>\u5168\u7403\u5229\u7387\u8207\u8de8\u5e02\u5834\u64f4\u6563<\/h3>\n<p>\n\n<p><strong>\u7acb\u5373\u958b\u59cb\u4ea4\u6613 &#8211; \u9ede\u64ca<a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">\u9019\u88e1<\/a>\u5275\u5efa\u60a8\u7684 VT Markets \u771f\u5be6\u8cec\u6236 <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u5916\u532f\u5b58\u5e95\u66b4\u8dcc\u81f310\u5104\u7f8e\u5143\uff0cBOJ\u8b77\u76e4\u5f48\u76e1\u63f4\u7d55\uff01\u65e5\u5713\u7834190\u3001\u6ce2\u52d5\u7387\u98c6\u783450%\u3002\u62bc\u6ce8\u7e8c\u8cb6\uff1a\u8cb7\u9577\u5929\u671fUSD\/JPY\u8cb7\u6b0a\uff1b\u540c\u6642\u653e\u7a7aJGB\u3001\u65e5\u7d93\uff0c\u8b66\u60d5\u7f8e\u50b5\u62cb\u552e\u63a8\u5347\u5229\u7387\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-44275","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\/wp-json\/wp\/v2\/posts\/44275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=44275"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/44275\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=44275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=44275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=44275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}