{"id":46913,"date":"2026-05-07T05:16:26","date_gmt":"2026-05-07T05:16:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46913\/"},"modified":"2026-05-07T05:16:26","modified_gmt":"2026-05-07T05:16:26","slug":"%e6%97%a5%e6%9c%ac%e4%b8%89%e6%9d%91%e5%8a%a0%e5%bc%b7%e7%9b%a3%e5%af%9f%e6%97%a5%e5%9c%93%e8%b5%b0%e5%8b%a2%ef%bc%8c%e7%be%8e%e5%85%83%e5%85%8c%e6%97%a5%e5%9c%93%e6%b8%ac%e8%a9%a6160%e6%b0%b4","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/46913\/","title":{"rendered":"\u65e5\u672c\u4e09\u6751\u52a0\u5f37\u76e3\u5bdf\u65e5\u5713\u8d70\u52e2\uff0c\u7f8e\u5143\u514c\u65e5\u5713\u6e2c\u8a66160\u6c34\u5e73\uff0c\u5e72\u9810\u5a01\u8105\u4ecd\u5728"},"content":{"rendered":"

\u65e5\u672c\u8ca1\u52d9\u7701\u570b\u969b\u4e8b\u52d9\u526f\u5927\u81e3\u517c\u6700\u9ad8\u5916\u532f\u5b98\u54e1\u4e09\u6751\u6df3\u8868\u793a\uff0c\u6703\u5bc6\u5207\u76e3\u5bdf\u5916\u532f\u5e02\u5834\u8d70\u52e2\uff0c\u4f46\u62d2\u7d55\u8a55\u8ad6\u662f\u5426\u5165\u5e02\u5e72\u9810\u6216\u7279\u5b9a\u532f\u50f9\u6c34\u5e73\u3002<\/p>\n

\u4ed6\u7a31\u6bcf\u65e5\u8207\u7f8e\u570b\u7576\u5c40\u4fdd\u6301\u806f\u7d61\uff0c\u5c0d\u65b9\u4e86\u89e3\u5176\u7acb\u5834\u3002\u4ed6\u53c8\u88dc\u5145\uff0c\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff08IMF\uff09\u628a\u65e5\u672c\u6b78\u985e\u70ba\u300c\u81ea\u7531\u6d6e\u52d5\u532f\u7387\u5236\u5ea6\u300d\uff08\u5373\u532f\u50f9\u4e3b\u8981\u7531\u5e02\u5834\u8cb7\u8ce3\u6c7a\u5b9a\uff09\uff0c\u4e26\u4e0d\u9650\u5236\u65e5\u672c\u5e72\u9810\u7684\u983b\u5bc6\u7a0b\u5ea6\u3002<\/p>\n

\u65e5\u5713\u8d70\u52e2\u8207\u5b98\u65b9\u8868\u614b<\/h3>\n

\u622a\u81f3\u767c\u7a3f\u6642\uff0c\u7f8e\u5143\u514c\u65e5\u5713\uff08USD\/JPY\uff09\u5831\u7d04156.30\uff0c\u65e5\u5167\u8dcc0.08%\u3002\u4e09\u6751\u4ea6\u8868\u793a\u4e0d\u8a55\u8ad6\u5916\u532f\u532f\u50f9\u3002<\/p>\n

\u65e5\u672c\u9280\u884c\uff08BoJ\uff0c\u65e5\u5713\u7684\u4e2d\u592e\u9280\u884c\uff0c\u8ca0\u8cac\u7dad\u6301\u7269\u50f9\u7a69\u5b9a\uff09\u4ee5\u7d042%\u901a\u8139\u70ba\u76ee\u6a19\uff0c\u4e26\u8ca0\u8cac\u767c\u884c\u9214\u7968\u53ca\u63a8\u884c\u8ca8\u5e63\u653f\u7b56\uff08\u5373\u900f\u904e\u5229\u7387\u8207\u5e02\u5834\u64cd\u4f5c\u5f71\u97ff\u501f\u8cb8\u8207\u8cc7\u91d1\u4f9b\u61c9\uff09\u3002<\/p>\n

2013\u5e74\uff0c\u65e5\u9280\u63a8\u51fa\u300c\u91cf\u5316\u53ca\u8cea\u5316\u5bec\u9b06\u300d\uff08QQE\uff0c\u610f\u6307\u5927\u91cf\u8cb7\u5165\u8cc7\u7522\u4e26\u5ef6\u9577\u8cb7\u5165\u671f\u9650\uff0c\u4ee5\u58d3\u4f4e\u5229\u7387\u3001\u523a\u6fc0\u7d93\u6fdf\uff09\uff0c\u8cb7\u5165\u5305\u62ec\u653f\u5e9c\u50b5\u5238\u53ca\u4f01\u696d\u50b5\u5238\u7b49\u8cc7\u7522\u30022016\u5e74\u518d\u52a0\u5165\u8ca0\u5229\u7387\uff08\u5b58\u6b3e\u5229\u7387\u4f4e\u65bc0\uff0c\u4ee4\u9280\u884c\u6301\u6709\u73fe\u91d1\u6210\u672c\u4e0a\u5347\uff09\u53ca\u300c\u5b73\u606f\u7387\u66f2\u7dda\u63a7\u5236\u300d\uff08YCC\uff0c\u91dd\u5c0d10\u5e74\u671f\u570b\u50b5\u5229\u7387\u8a2d\u5b9a\u76ee\u6a19\u5340\u9593\u4ee5\u7a69\u5b9a\u9577\u606f\uff09\uff0c\u5176\u5f8c\u65bc2024\u5e743\u6708\u52a0\u606f\u3002<\/p>\n

\u65e5\u9280\u9577\u671f\u523a\u6fc0\u653f\u7b56\u4ee4\u65e5\u5713\u8d70\u5f31\uff1b2022\u53ca2023\u5e74\uff0c\u5176\u4ed6\u592e\u884c\u52a0\u606f\u9032\u4e00\u6b65\u64f4\u5927\u606f\u5dee\uff0c\u4ee4\u65e5\u5713\u518d\u5ea6\u4e0b\u8dcc\u30022024\u5e74\u653f\u7b56\u8f49\u5411\u5f8c\uff0c\u8d70\u52e2\u90e8\u5206\u626d\u8f49\uff0c\u56e0\u901a\u8139\u5728\u65e5\u5713\u504f\u5f31\u53ca\u5168\u7403\u80fd\u6e90\u50f9\u683c\u4e0a\u5347\u4e0b\u5347\u7a7f2%\u3002<\/p>\n

\u671f\u6b0a\u6ce2\u5e45\u8207\u5e72\u9810\u98a8\u96aa<\/h3>\n

\u5728\u7f8e\u5143\u514c\u65e5\u5713\u73fe\u5831162.50\u7684\u60c5\u6cc1\u4e0b\uff0c\u5b98\u54e1\u8b66\u544a\u66f4\u983b\u5bc6\uff0c\u60c5\u6cc1\u82072025\u5e74\u76f8\u4f3c\u3002\u9019\u4e9b\u8868\u614b\u6e05\u695a\u53cd\u6620\u8ca1\u52d9\u7701\u5c0d\u532f\u50f9\u4e0d\u5b89\uff0c\u300c\u53e3\u982d\u5e72\u9810\u300d\uff08\u5373\u900f\u904e\u516c\u958b\u8a00\u8ad6\u5f71\u97ff\u5e02\u5834\u9810\u671f\uff09\u662f\u7b2c\u4e00\u9053\u9632\u7dda\u3002\u5e02\u5834\u7b49\u540c\u88ab\u63d0\u9192\uff0c\u55ae\u908a\u6cbd\u65e5\u5713\u7684\u62bc\u6ce8\u6703\u9047\u5230\u963b\u529b\u3002<\/p>\n

\u653f\u5e9c\u96a8\u6642\u7a81\u7136\u51fa\u624b\u7684\u5a01\u8105\uff0c\u610f\u5473\u7f8e\u5143\u514c\u65e5\u5713\u300c\u96b1\u542b\u6ce2\u5e45\u300d\uff08implied volatility\uff0c\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u5e02\u5834\u9810\u671f\u672a\u4f86\u6ce2\u52d5\u7a0b\u5ea6\uff09\u6216\u6301\u7e8c\u504f\u9ad8\u3002\u5c0d\u300c\u884d\u751f\u5de5\u5177\u300d\uff08derivatives\uff0c\u50f9\u503c\u6e90\u81ea\u532f\u7387\u7b49\u8cc7\u7522\u50f9\u683c\u7684\u5408\u7d04\uff09\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u6cbd\u51fa\u77ed\u671f\u9650\u65e5\u5713\u8a8d\u6cbd\u671f\u6b0a\uff08yen puts\uff0c\u5373\u770b\u6de1\u65e5\u5713\u3001\u62bc\u6ce8\u65e5\u5713\u8f49\u5f31\u7684\u671f\u6b0a\uff09\u98a8\u96aa\u6975\u9ad8\uff0c\u56e0\u7a81\u767c\u5e72\u9810\u53ef\u4ee4\u532f\u50f9\u6025\u8dcc\uff08\u7f8e\u5143\u514c\u65e5\u5713\u4e0b\u8dcc\u5373\u65e5\u5713\u6025\u5347\uff09\u3002\u76f8\u53cd\uff0c\u8cb7\u5165\u671f\u6b0a\u4ee5\u9632\u5b88\u6216\u628a\u63e1\u7a81\u767c\u6ce2\u52d5\uff0c\u672a\u4f86\u6578\u5468\u8f03\u70ba\u7a69\u59a5\u3002<\/p>\n

\u56de\u9867\u800c\u8a00\uff0c\u65e5\u9280\u9010\u6b65\u9000\u51fa\u8d85\u5bec\u9b06\u653f\u7b56\uff0c\u653f\u7b56\u5229\u7387\u53ea\u5347\u81f30.50%\uff0c\u5e45\u5ea6\u4ecd\u5c0f\u3002\u8207\u7f8e\u570b\u7684\u606f\u5dee\u4ecd\u662f\u63a8\u4f4e\u65e5\u5713\u7684\u4e3b\u56e0\uff1a\u7f8e\u570b\u806f\u90a6\u57fa\u91d1\u5229\u7387\uff08Fed funds rate\uff0c\u7f8e\u570b\u9280\u884c\u540c\u696d\u9694\u591c\u62c6\u501f\u7684\u653f\u7b56\u5229\u7387\u57fa\u6e96\uff09\u73fe\u70ba3.75%\u3002\u9019\u80a1\u58d3\u529b\u610f\u5473\uff0c\u5373\u4f7f\u5e72\u9810\u4ee4\u65e5\u5713\u77ed\u671f\u8f49\u5f37\uff0c\u6548\u679c\u4ea6\u53ef\u80fd\u53ea\u662f\u66ab\u6642\u3002<\/p>\n

\u5e02\u5834\u4ecd\u8a18\u5f972024\u5e74\u6625\u5b63\u5927\u578b\u5e72\u9810\uff0c\u7576\u5c40\u70ba\u5728\u7f8e\u5143\u514c\u65e5\u5713\u5347\u7a7f160\u6642\u652f\u6490\u65e5\u5713\uff0c\u4f30\u8a08\u52d5\u7528\u7d049\u842c\u5104\u65e5\u5713\u3002\u9019\u986f\u793a\u5b98\u65b9\u6709\u300c\u75db\u9ede\u300d\u4e26\u9858\u679c\u65b7\u884c\u52d5\uff0c\u5373\u4f7f\u6548\u679c\u672a\u5fc5\u9577\u4e45\u3002\u73fe\u6642\u532f\u50f9\u5df2\u56de\u5230\u76f8\u8fd1\u5340\u57df\uff0c\u91cd\u6f14\u884c\u52d5\u7684\u6a5f\u6703\u751a\u9ad8\u3002<\/p>\n

\u56e0\u6b64\uff0c\u73fe\u968e\u6bb5\u900f\u904e\u884d\u751f\u5de5\u5177\u5efa\u7acb\u300c\u98a8\u96aa\u4e0a\u9650\u6e05\u6670\u300d\u7684\u90e8\u7f72\u5341\u5206\u95dc\u9375\u3002\u8cb7\u5165\u65e5\u5713\u8a8d\u8cfc\u671f\u6b0a\uff08JPY call options\uff0c\u5373\u62bc\u6ce8\u65e5\u5713\u4e0a\u5347\u7684\u671f\u6b0a\uff1b\u6216\u7b49\u540c\u8cb7\u5165\u7f8e\u5143\u514c\u65e5\u5713\u8a8d\u6cbd\u671f\u6b0aUSD\/JPY puts\uff0c\u5373\u62bc\u6ce8\u7f8e\u5143\u514c\u65e5\u5713\u4e0b\u8dcc\uff09\u53ef\u5728\u5e72\u9810\u51fa\u73fe\u6642\u76f4\u63a5\u53d7\u60e0\uff0c\u540c\u6642\u628a\u6700\u5927\u640d\u5931\u9650\u5236\u5728\u671f\u6b0a\u91d1\u4e4b\u5167\u3002\u6b64\u7b56\u7565\u53ef\u7528\u4f5c\u5c0d\u6c96\uff08hedge\uff0c\u5373\u7528\u53e6\u4e00\u5b97\u4ea4\u6613\u62b5\u92b7\u539f\u6709\u6301\u5009\u98a8\u96aa\uff09\u7f8e\u5143\u514c\u65e5\u5713\u9577\u5009\uff0c\u4ea6\u53ef\u4f5c\u7368\u7acb\u6295\u6a5f\u90e8\u7f72\uff0c\u62bc\u6ce8\u8ca1\u52d9\u7701\u5165\u5e02\u3002<\/p>\n

\u65e5\u672c\u6838\u5fc3\u901a\u8139\uff08core inflation\uff0c\u6263\u9664\u6ce2\u52d5\u8f03\u5927\u7684\u9805\u76ee\u4ee5\u53cd\u6620\u8f03\u7a69\u5b9a\u7269\u50f9\u8da8\u52e2\uff09\u57282026\u5e744\u6708\u70ba2.4%\uff0c\u4ecd\u9ad8\u65bc\u76ee\u6a19\uff0c\u4ee4\u5f62\u52e2\u66f4\u8907\u96dc\u3002\u96d6\u7136\u9019\u652f\u6301\u65e5\u9280\u4eca\u5e74\u7a0d\u5f8c\u518d\u52a0\u606f\u7684\u7406\u64da\uff0c\u4f46\u5c0d\u773c\u524d\u65e5\u5713\u504f\u5f31\u554f\u984c\u5e6b\u52a9\u6709\u9650\u3002\u77ed\u671f\u7126\u9ede\u4ecd\u5728\u653f\u5e9c\u6703\u5426\u51fa\u624b\uff0c\u800c\u975e\u592e\u884c\u8f03\u6162\u7684\u653f\u7b56\u8abf\u6574\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u65e5\u672c\u4e09\u6751\u52a0\u5f37\u76e3\u5bdf\u65e5\u5713\u8d70\u52e2\uff0c\u7f8e\u5143\u514c\u65e5\u5713\u518d\u6e2c160\u95dc\u53e3\uff1b\u5e02\u5834\u7dca\u76ef\u7576\u5c40\u6703\u5426\u51fa\u624b\u5e72\u9810\u3002\u532f\u5e02\u6ce2\u52d5\u5347\u6eab\uff0c\u6295\u8cc7\u8005\u5b9c\u7559\u610f\u653f\u7b56\u8a0a\u865f\u8207\u98a8\u96aa\u7ba1\u7406\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-46913","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\/46913","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=46913"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/46913\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=46913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=46913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=46913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}