美国科技股最大的风险是:日本国债

华尔街见闻
Jul 11, 2025

在美国科技股估值屡创新高的背景下,一个被低估的风险正悄然浮现——日本国债实际收益率的潜在正常化。 BCA Research最新研究报告警告,日本作为全球流动性的重要来源,其国债收益率的变化可能对美国科技股构成重大威胁;若日本实际收益率在2025年出现实质性回升,可能引发科技股估值下行压力。 近日,日本30年期国债收益率创下多年新高,但实际长期国债收益率仅小幅上升30个基点,仍处于负值区间。 ...

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