日本货币基础在2025年下跌了4.9%,这是日本在结束长达十年的刺激之后在18年中第一次年跌幅。 Japan’s monetary base dropped 4.9% in 2025, its first annual decline in 18 years, after ending decade-long stimulus.

日本货币基础在2025年下降了4.9%,这是日本银行结束其长达十年的刺激计划后18年来首次年跌。 Japan’s monetary base fell 4.9% in 2025, the first annual decline in 18 years, as the Bank of Japan ended its decade-long stimulus program. 央行实现了超过2%目标的持续通胀,通过将短期利率提高到0.75%、减缓债券购买、结束收益控制和负利率,实现了政策正常化。 The central bank, having achieved sustained inflation above its 2% target, normalized policy by raising short-term rates to 0.75%, slowing bond purchases, and ending yield control and negative rates. 12月的基数为594.19万亿日元,自2020年以来首次低于600万亿日元,年同比下降9.8%,其驱动因素是现金和储备余额下降。 December’s base reached 594.19 trillion yen, below 600 trillion for the first time since 2020, with a 9.8% year-on-year drop, driven by falling cash and reserve balances. 分析员预计随着逐步收缩和可能上升的费率而持续收缩。 Analysts expect continued contraction as tapering and potential rate hikes proceed.