野村证券：关注日本央行的加息目标是否转变

The Nomura Research Institute wrote in its report that the Bank of Japan is currently facing an environment interwoven with multiple factors, making policy decisions particularly complex. This also highlights the importance of central bank communication. In the future, the Bank of Japan needs to explain more clearly how interest rate hikes will affect the economy compared with historical experience, and what effects are expected. At the same time, it is also necessary for the Bank of Japan to clearly articulate the objectives of tightening policy. To date, the Bank of Japan has described its policy tightening as an "adjustment of the degree of monetary easing."

If the Bank of Japan includes "suppressing upside risks to underlying inflation" and "curbing inflation expectations" among its objectives for rate hikes, this will impact the pace of future rate increases and the BOJ's communication style. Whether this rate hike will strengthen market and public confidence in the Bank of Japan will largely depend on the performance of the deputy governor's press conference after the policy meeting. (Jinshi)