中信证券:美日联合干预外汇市场旨在防范日元持续贬值引发风险外溢

智通财经
Aug 09
【中信证券:美日联合干预外汇市场旨在防范日元持续贬值引发风险外溢】中信证券发布研报称,美日联合干预外汇市场,旨在防范日元持续贬值引发风险外溢。日本面临的主要困境在于,其国内通胀持续低于日银目标水平,货币政策加息意愿有限,同时高市早苗内阁减税计划可能进一步扩大日本财政缺口,削弱投资者对日元资产的信心。而美国的担忧则在于,日本为稳定汇率或减持美国国债,在美债供给维持高位的背景下可能进一步推升长端利率。总体来看,美日短期干预汇市有助于稳定市场预期,但在两国利差仍处高位的情况下,日元持续大幅升值的空间有限。相较于日本股市,美股在盈利增长、行业结构及AI产业链方面仍具备更显著的优势。

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