贝莱德：日本央行在进一步加息方面将谨慎行事

Odaily: Ben Powell of the BlackRock Investment Institute stated that after the Bank of Japan (BoJ) raised interest rates to their highest level since 1995, the central bank is likely to proceed cautiously with further rate hikes. Domestically, robust wage growth, solid underlying inflation, and deeply negative real interest rates support the case for tightening policy. Abroad, hopes of easing tensions in the Middle East have mitigated the threat of a sustained energy shock, which should help curb imported inflation. Nonetheless, there is a risk that inflation could exceed the BoJ's 2% target.

The institution maintains an underweight position on Japanese government bonds (JGBs), expecting that rate hikes, high global term premiums, and large-scale issuance will continue to exert upward pressure on yields. Over a 6 to 12-month horizon, the institution is neutral on Japanese equities, as imported energy costs could still drag on returns. Over the long term, it maintains an overweight allocation, as inflation and wage trends support corporate profitability. (Jinshi)