美元兑日元走强,强劲的美国经济数据提振利率前景

周五,美元兑日元走强,美元/日元汇率逼近158.30,创近两周新高。强劲的美国经济数据和不断攀升的美国国债收益率强化了市场对美联储将维持紧缩政策立场的预期。

usdjpy-2026-05-15

美国4月零售销售额增长0.5%,符合经济学家预期,此前3月增幅向下修正为1.6%。

数据显示,尽管借贷成本高企且通胀压力持续存在,但消费者依然保持韧性,这为美联储将基准利率维持在当前3.50%-3.75%的区间内提供了支持。

10年期美国国债收益率随美元走强,扩大了与日本国债的利差。日本10年期国债收益率已升至2.3%左右,接近数十年来的高位,此前日本央行释放出进一步政策正常化的信号。

日本央行在4月份的会议上维持短期政策利率在0.75%不变,但暗示最早可能在6月份加息。

尽管日本央行将核心通胀预期从1.9%上调至2.8%,但同时将2026财年经济增长预期从1%下调至0.5%,反映出其谨慎的展望。

外汇市场仍然密切关注干预风险。外界普遍认为,日本当局在4月下旬动用了约5.4万亿日元(约合345亿美元)来支撑日元,这是自2024年7月以来的首次此类行动。

分析人士指出,早期先发制人的干预降低了未来官方采取行动的门槛,尽管基本收益率差仍然有利于美元。

更广泛的地缘政治发展也影响了市场情绪。美国总统特朗普与中国国家主席习近平的会晤被形容为“良好”,双方讨论了加强经济合作,并强调了保持霍尔木兹海峡畅通的重要性。与此同时,受中东紧张局势影响而推高的油价加剧了通胀担忧,并影响着各国央行的政策考量。

展望未来,交易员们关注的焦点是美联储和日本央行的政策分歧。尽管两家央行都在收紧货币政策,但调整的速度和幅度却存在显著差异。美联储对降息持谨慎态度,而日本央行则采取循序渐进的正常化策略,这可能会继续对美元/日元构成上行压力,但干预威胁可能会抑制其剧烈波动。

市场参与者将密切关注即将公布的美国通胀数据和日本央行的评论,以寻找进一步的市场方向。如果美元/日元持续突破158.40的阻力位,则可能预示着其将测试具有重要心理意义的160关口;而如果回落至157.30以下,则可能表明在潜在的政策转变或官方货币市场行动之前,市场将重新保持谨慎。

关于作者

 

Martin Lam 是 ATFX 亚太区首席分析师,在全球外汇及投资市场拥有逾 20 年的经验。他毕业于迪肯大学(Deakin University),主修金融与经济学,并曾在多家领先的外汇经纪公司担任高级管理职位。

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