美联储12月降息25基点至3.5%-3.75%，欧央行按兵不动，日央行加息预期达91%。三大央行政策分化重构全球资本流动与资产定价，2026年”核心宽松+边缘对冲”格局将持续，投资者需把握流动性红利、利差机会与结构性行情三大逻辑。

At the end of 2025, the Reserve Bank of Australia maintained interest rates to end easing, and the Bank of Japan decided to raise interest rates to 0.75% and start tightening. Inflation is the common core trigger, but Australia is waiting to see the data, while Japan has taken the initiative to tighten despite political resistance. Both are trapped in the dilemma of uncertainty in policy paths, indicating that Asia-Pacific monetary policy will enter a complex stage of differentiation and linkage in 2026.