The Bank of Japan's personnel nominations strengthened easing expectations, and Sanae's dovish stance on the high market escalated, disturbing the market, and the yen came under pressure and fell below 156. Overseas institutions are bullish on Japanese bonds for the first time in 30 years, with the 10-year yield falling to 2.1%. Policy independence is facing a test, the pace of interest rate hikes may be delayed, and global capital flows will be affected by knock-on effects.

The recent violent fluctuations in the Japanese yen exchange rate have attracted global attention. Speculations of joint intervention by the United States and Japan have created a confrontation with the negative attitude of the United States. Japanese Prime Minister Sanae Takaichi warned against speculative fluctuations, with the 160 mark becoming a key political threshold before the February 8 election. Analyze the logic of the Japanese yen's rebound, the limitations of unilateral intervention and the knock-on impact on the US dollar precious metals market.

The Bank of Japan's benchmark interest rate rose to a 30-year high of 0.75%. The January meeting is expected to remain unchanged, but the weakness of the yen has become a key variable. Sanae's plans for an early election triggered volatility in the high market, and the yen fell to an 18-month low. The transmission effect of inflation has strengthened, and some officials advocate raising interest rates ahead of schedule in the summer. The market predicts that interest rates may rise to 1% in September, and the terminal interest rate is expected to be 1.5%. The central bank needs to balance assessing the effects of policies with responding to political fluctuations.