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The big test is yet to come for the Bank of Japan
日本央行的重大考验尚未到来

Milestone return to positive interest rates is only the beginning
日本央行里程碑式的回归正利率只是个开始。

Apathy and anticlimax are what a central bank aspires to when the time comes for a momentous policy decision. By this measure, the Bank of Japan’s return to positive interest rates was a triumph — with high rates elsewhere, and governor Kazuo Ueda taking a year to reach this well-flagged decision, his 0.1 percentage point rise in Japanese interest rates sent no shockwaves. The yen barely twitched. It is still close to the ¥150 lows against the dollar it found when US rates began to climb in 2022.

央行在做出重大政策决策时,渴望得到的反应是冷漠和平淡。按照这个标准,日本央行(Bank of Japan)恢复正利率是一次胜利——日本央行行长植田和男(Kazuo Ueda)将日本利率上调0.1个百分点,并未引起任何震动,因为在其他地方利率较高的情况下,他花一年时间做出了一个早有预兆的决定。日元几乎没有动摇,仍然接近1美元兑150日元的低点,这是2022年美国利率开始上升时的水平。

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