周三，日元兑美元汇率在155.6左右，由于投资者为即将到来的美联储政策决定做准备，日元在前一交易日下跌了一些。尽管唐纳德·特朗普总统呼吁“立即”降低借贷成本，但人们普遍预计美国央行将保持利率不变。日元也面临着特朗普不断升级的关税威胁的压力，而对日元作为避风港的需求——最初是由对低成本中国人工智能模式出现的担忧推动的——开始减弱。在国内方面，日本央行12月会议纪要显示，央行在货币政策调整方面保持谨慎立场，这取决于通胀趋势、工资增长和全球经济风险。然而，日本央行在1月份的会议上上调了政策利率，并上调了通胀预测，这表明有可能进一步加息。

The Japanese yen traded around 155.6 per dollar on Wednesday, having lost some ground in the previous session as investors prepared for the upcoming Federal Reserve policy decision. The US central bank is widely expected to keep interest rates unchanged, despite calls from President Donald Trump to lower borrowing costs “immediately.” The yen also faced pressure from Trump’s escalating tariff threats, while demand for the currency as a safe haven—initially driven by concerns over the emergence of a low-cost Chinese AI model—began to fade. On the domestic front, minutes from the Bank of Japan's December meeting revealed that the central bank is maintaining a cautious stance on monetary policy adjustments, dependent on inflation trends, wage growth, and global economic risks. However, the BOJ raised its policy rate and revised its inflation forecasts higher at its January meeting, signaling the potential for further rate increases.

日元兑美元汇率仍处于低位；焦点仍集中在美联储。周三亚洲时段，日元兑美元汇率仍处于守势，尽管在预期日本央行将进一步加息的情况下，日元缺乏看跌信心。除此之外，最近美国国债收益率的下降，由于对美联储（Fed）将在2025年继续降息的押注增加，应该会限制低收益日元的下跌。

Japanese Yen remains on the back foot against USD; focus remains on Fed.The Japanese Yen (JPY) remains on the defensive against its American counterpart during the Asian session on Wednesday, though it lacks bearish conviction amid expectations of more interest rate hikes by the Bank of Japan (BoJ). Apart from this, the recent decline in the US Treasury bond yields, fueled by rising bets that the Federal Reserve (Fed) would keep cutting rates in 2025, should limit the downside for the lower-yielding JPY.

日本股市周三反弹，日经225指数上涨1%，至39400点左右，东证指数上涨0.4%，至2768点，从科技股面临抛售的前一交易日的下跌中恢复过来。周二的下跌是由于对中国初创公司DeepSeek的出现的担忧，这对西方人工智能领导者的主导地位构成了挑战。与此同时，日本央行12月会议纪要显示，央行在货币政策上保持谨慎立场，强调任何调整都将取决于通胀趋势、工资增长和全球经济风险。芯片相关和人工智能股票领涨，Advantest（上涨5.4%）、软银集团（上涨1%）、东京电子（上涨1%，日立（上涨2%）和Keyence（上涨1%。其他主要指数权重股也表现强劲，包括IHI Corp（上涨2.5%）、三菱重工（上涨2.6%）和索尼集团（上涨3.6%）。

Japanese stocks rebounded on Wednesday, with the Nikkei 225 Index climbing 1% to around 39,400 and the broader Topix Index rising 0.4% to 2,768, recovering from losses in the previous session when technology stocks faced a selloff. The decline on Tuesday was driven by concerns over the emergence of Chinese startup DeepSeek, which posed a challenge to the dominance of Western artificial intelligence leaders. Meanwhile, minutes from the Bank of Japan's December meeting revealed that the central bank maintained a cautious stance on monetary policy, emphasizing that any adjustments would depend on inflation trends, wage growth, and global economic risks. Chip-related and AI stocks led the rally, with notable gains from Advantest (up 5.4%), SoftBank Group (up 1%), Tokyo Electron (up 1%), Hitachi (up 2%), and Keyence (up 1%). Other major index heavyweights also saw strong performances, including IHI Corp (up 2.5%), Mitsubishi Heavy Industries (up 2.6%), and Sony Group (up 3.6%).

日本央行会议纪要：如果前景实现，央行将调整宽松程度。根据日本央行12月会议纪要，日本央行董事会成员周三分享了他们对货币政策前景的看法。   

BoJ Minutes: Central bank to adjust degree of easing if outlook realized.The Bank of Japan (BoJ) board members shared their views on the monetary policy outlook on Wednesday, per the BoJ Minutes of the December meeting.