{"id":45020,"date":"2026-04-20T01:52:20","date_gmt":"2026-04-20T01:52:20","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e7%be%8e%e4%bc%8a%e7%b4%a7%e5%bc%a0%e5%b1%80%e5%8a%bf%e5%86%8d%e5%ba%a6%e5%8d%87%e6%b8%a9%e6%8f%90%e6%8c%af%e7%be%8e%e5%85%83%ef%bc%8c%e6%97%a5%e5%85%83%e5%b0%8f%e5%b9%85%e8%b5%b0%e8%bd%af%e4%bb%a4\/"},"modified":"2026-04-20T01:52:20","modified_gmt":"2026-04-20T01:52:20","slug":"%e7%be%8e%e4%bc%8a%e7%b4%a7%e5%bc%a0%e5%b1%80%e5%8a%bf%e5%86%8d%e5%ba%a6%e5%8d%87%e6%b8%a9%e6%8f%90%e6%8c%af%e7%be%8e%e5%85%83%ef%bc%8c%e6%97%a5%e5%85%83%e5%b0%8f%e5%b9%85%e8%b5%b0%e8%bd%af%e4%bb%a4","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e7%be%8e%e4%bc%8a%e7%b4%a7%e5%bc%a0%e5%b1%80%e5%8a%bf%e5%86%8d%e5%ba%a6%e5%8d%87%e6%b8%a9%e6%8f%90%e6%8c%af%e7%be%8e%e5%85%83%ef%bc%8c%e6%97%a5%e5%85%83%e5%b0%8f%e5%b9%85%e8%b5%b0%e8%bd%af%e4%bb%a4\/","title":{"rendered":"\u7f8e\u4f0a\u7d27\u5f20\u5c40\u52bf\u518d\u5ea6\u5347\u6e29\u63d0\u632f\u7f8e\u5143\uff0c\u65e5\u5143\u5c0f\u5e45\u8d70\u8f6f\u4ee4\u7f8e\u5143\u5151\u65e5\u5143\u903c\u8fd1159.10"},"content":{"rendered":"

\u5468\u4e00\u4e9a\u6d32\u65e9\u76d8\uff0c\u7f8e\u5143\/\u65e5\u5143\uff08USD\/JPY\uff09\u5728159.10\u9644\u8fd1\u4fdd\u6301\u575a\u633a\u3002\u7531\u4e8e\u4e2d\u4e1c\u6218\u4e8b\u6301\u7eed\u8d85\u8fc7\u4e03\u5468\u540e\uff0c\u7f8e\u4f0a\u7d27\u5f20\u5c40\u52bf\u518d\u5ea6\u5347\u6e29\uff0c\u7f8e\u5143\u5151\u65e5\u5143\u8d70\u5f3a\u3002<\/p>\n

\u4f0a\u6717\u8868\u793a\u4e0d\u4f1a\u53c2\u4e0e\u4e0e\u7f8e\u56fd\u7684\u65b0\u4e00\u8f6e\u548c\u5e73\u8c08\u5224\u3002\u6b64\u524d\u7f8e\u56fd\u603b\u7edf\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u79f0\uff0c\u4f0a\u6717\u8c08\u5224\u4ee3\u8868\u5c06\u4e8e\u5468\u4e00\u524d\u5f80\u5df4\u57fa\u65af\u5766\u8fdb\u884c\u7b2c\u4e8c\u8f6e\u4f1a\u8c08\uff0c\u636e\u5f6d\u535a\u62a5\u9053\u3002<\/p>\n

\u7f8e\u4f0a\u7d27\u5f20\u5c40\u52bf\u63a8\u9ad8\u7f8e\u5143\u9700\u6c42<\/h3>\n

\u7279\u6717\u666e\u79f0\uff0c\u7f8e\u56fd\u6d77\u519b\u5411\u4e00\u8258\u60ac\u6302\u4f0a\u6717\u56fd\u65d7\u7684\u8d27\u8239\u5f00\u706b\u5e76\u5c06\u5176\u6263\u62bc\uff1b\u5fb7\u9ed1\u5170\u5219\u8b66\u544a\uff0c\u9760\u8fd1\u76f8\u5173\u6d77\u5ce1\u7684\u8239\u53ea\u5c06\u88ab\u89c6\u4e3a\u8fdd\u53cd\u505c\u706b\u534f\u8bae\u3002\u5c3d\u7ba1\u4f0a\u6717\u79f0\u8be5\u6c34\u9053\u5df2\u5f00\u653e\uff0c\u4ecd\u6709\u591a\u8258\u8239\u53ea\u5728\u6570\u5c0f\u65f6\u5185\u6682\u505c\u901a\u884c\u3002<\/p>\n

\u5728\u65e5\u672c\u65b9\u9762\uff0c\u5b98\u5458\u8a00\u8bba\u88ab\u89c6\u4e3a\u53ef\u80fd\u9650\u5236\u65e5\u5143\u8fdb\u4e00\u6b65\u8d70\u5f31\u7684\u56e0\u7d20\u3002\u65e5\u672c\u8d22\u52a1\u5927\u81e3\u7247\u5c71\u4e94\u6708\uff08Satsuki Katayama\uff09\u8868\u793a\uff0c\u5979\u4e0a\u5468\u4e0e\u7f8e\u56fd\u8d22\u653f\u90e8\u957f\u65af\u79d1\u7279\u00b7\u8d1d\u68ee\u7279\uff08Scott Bessent\uff09\u8ba8\u8bba\u4e86\u5916\u6c47\u4e8b\u52a1\uff0c\u5e76\u79f0\u5982\u6709\u9700\u8981\uff0c\u5f53\u5c40\u51c6\u5907\u91c7\u53d6\u201c\u679c\u65ad\u201d\uff08bold\uff09\u7684\u884c\u52a8\uff0c\u5373\u53ef\u80fd\u76f4\u63a5\u5165\u5e02\u5e72\u9884\u6c47\u7387\u3002<\/p>\n

\u65e5\u5143\u8d70\u52bf\u901a\u5e38\u53d7\u591a\u9879\u56e0\u7d20\u5f71\u54cd\uff0c\u5305\u62ec\uff1a\u65e5\u672c\u7ecf\u6d4e\u8868\u73b0\u3001\u65e5\u672c\u592e\u884c\uff08Bank of Japan\uff0c\u7b80\u79f0BOJ\uff09\u7684\u8d27\u5e01\u653f\u7b56\u3001\u65e5\u7f8e\u56fd\u503a\u6536\u76ca\u7387\u5dee\uff0c\u4ee5\u53ca\u6574\u4f53\u5e02\u573a\u98ce\u9669\u504f\u597d\uff08risk sentiment\uff0c\u6307\u6295\u8d44\u8005\u66f4\u613f\u610f\u5192\u9669\u8fd8\u662f\u66f4\u504f\u5411\u907f\u9669\uff09\u3002\u65e5\u672c\u592e\u884c\u57282013\u5e74\u81f32024\u5e74\u957f\u671f\u7ef4\u6301\u8d85\u5bbd\u677e\u653f\u7b56\uff08ultra-loose policy\uff0c\u6307\u6781\u4f4e\u5229\u7387\u4e0e\u5927\u89c4\u6a21\u4e70\u503a\u7b49\u5bbd\u677e\u63aa\u65bd\uff09\uff0c\u5e76\u57282024\u5e74\u5f00\u59cb\u9010\u6b65\u9000\u51fa\uff08unwind\uff0c\u6307\u6162\u6162\u51cf\u5c11\u5bbd\u677e\u529b\u5ea6\u3001\u6062\u590d\u5230\u8f83\u6b63\u5e38\u653f\u7b56\uff09\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u65e5\u7f8e10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u5229\u5dee\u5df2\u5f00\u59cb\u6536\u7a84\u3002<\/p>\n

\u968f\u7740\u7f8e\u5143\/\u65e5\u5143\u56e0\u7f8e\u4f0a\u7d27\u5f20\u5c40\u52bf\u903c\u8fd1159.10\uff0c\u6211\u4eec\u53ef\u5173\u6ce8\u77ed\u7ebf\u504f\u591a\uff08bullish\uff0c\u6307\u770b\u6da8\uff09\u7b56\u7565\u3002\u76ee\u524d\u5730\u7f18\u653f\u6cbb\u73af\u5883\u8ba9\u7f8e\u5143\u66f4\u53d7\u8ffd\u6367\uff0c\u88ab\u5e02\u573a\u89c6\u4e3a\u4e3b\u8981\u907f\u9669\u8d44\u4ea7\uff08safe-haven asset\uff0c\u6307\u5728\u52a8\u8361\u65f6\u66f4\u53d7\u8d44\u91d1\u9752\u7750\u7684\u8d44\u4ea7\uff09\u3002\u4e00\u4e2a\u6708\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff0c\u6307\u671f\u6743\u4ef7\u683c\u53cd\u6620\u7684\u5e02\u573a\u5bf9\u672a\u6765\u6ce2\u52a8\u7684\u9884\u671f\uff09\u5df2\u8df3\u5347\u81f311%\u4ee5\u4e0a\uff0c\u663e\u793a\u5e02\u573a\u9884\u671f\u53ef\u80fd\u51fa\u73b0\u5927\u5e45\u6ce2\u52a8\u3002\u4ea4\u6613\u8005\u53ef\u901a\u8fc7\u8de8\u5f0f\u7b56\u7565\uff08straddle\uff0c\u540c\u4e00\u5230\u671f\u65e5\u540c\u65f6\u4e70\u5165\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\uff09\u6216\u5bbd\u8de8\u5f0f\u7b56\u7565\uff08strangle\uff0c\u4e70\u5165\u4e0d\u540c\u6267\u884c\u4ef7\u7684\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\uff09\u6765\u5229\u7528\u8fd9\u79cd\u6ce2\u52a8\u3002<\/p>\n

\u63a5\u8fd1160\u5173\u53e3\u7684\u98ce\u9669<\/h3>\n

\u4e0d\u8fc7\uff0c\u63a5\u8fd1160\u8fd9\u4e00\u5173\u952e\u5fc3\u7406\u5173\u53e3\uff08psychological barrier\uff0c\u6307\u5e02\u573a\u666e\u904d\u5173\u6ce8\u3001\u5bb9\u6613\u5f15\u53d1\u884c\u4e3a\u53cd\u5e94\u7684\u91cd\u8981\u6574\u6570\u4f4d\uff09\u65f6\u5fc5\u987b\u9ad8\u5ea6\u8c28\u614e\u30022024\u5e74\u6625\u5b63\uff0c\u65e5\u672c\u5f53\u5c40\u66fe\u76f4\u63a5\u5165\u5e02\u5e72\u9884\uff08intervened directly\uff0c\u6307\u5b98\u65b9\u4e70\u5165\u65e5\u5143\/\u5356\u51fa\u7f8e\u5143\u7b49\u64cd\u4f5c\uff09\uff0c\u5bfc\u81f4\u6c47\u7387\u5728\u6570\u5c0f\u65f6\u5185\u5927\u8dcc\u6570\u65e5\u5143\u3002\u5982\u4eca\u201c\u679c\u65ad\u201d\u884c\u52a8\u7684\u8868\u6001\u610f\u5473\u7740\u98ce\u9669\u4e0d\u5c0f\uff0c\u56e0\u6b64\u82e5\u6301\u6709\u505a\u591a\u4ed3\u4f4d\uff0c\u914d\u7f6e\u4fdd\u62a4\u6027\u770b\u8dcc\u671f\u6743\uff08protective puts\uff0c\u6307\u4e70\u5165\u770b\u8dcc\u671f\u6743\u4e3a\u73b0\u6709\u591a\u5934\u4ed3\u4f4d\u505a\u4fdd\u9669\uff09\u662f\u8f83\u7a33\u59a5\u7684\u5bf9\u51b2\u65b9\u5f0f\uff08hedge\uff0c\u6307\u7528\u53e6\u4e00\u7b14\u4ea4\u6613\u964d\u4f4e\u98ce\u9669\uff09\u3002<\/p>\n

\u4ece\u57fa\u672c\u9762\uff08fundamental picture\uff0c\u6307\u7ecf\u6d4e\u4e0e\u653f\u7b56\u7b49\u5e95\u5c42\u56e0\u7d20\uff09\u770b\uff0c\u4e2d\u671f\u65e5\u5143\u4ecd\u6709\u8d70\u5f3a\u7a7a\u95f4\u3002\u65e5\u672c\u592e\u884c\u81ea2024\u5e74\u542f\u52a8\u653f\u7b56\u6b63\u5e38\u5316\uff08policy normalization\uff0c\u6307\u4ece\u8d85\u5bbd\u677e\u56de\u5230\u66f4\u6b63\u5e38\u7684\u5229\u7387\u4e0e\u4e70\u503a\u8282\u594f\uff09\u4ee5\u6765\u6301\u7eed\u63a8\u8fdb\uff0c\u76ee\u524d\u65e5\u672c10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u7ea6\u4e3a1.3%\uff0c\u4e3a\u5341\u591a\u5e74\u6765\u6700\u9ad8\u3002\u8fd9\u5c06\u9010\u6b65\u7f29\u5c0f\u4e0e\u7f8e\u56fd\u7684\u5229\u7387\u5dee\uff08interest rate differential\uff0c\u6307\u4e24\u56fd\u5229\u7387\u6c34\u5e73\u7684\u5dee\u8ddd\uff09\uff0c\u7406\u8bba\u4e0a\u4f1a\u5728\u4e4b\u540e\u63a8\u52a8\u7f8e\u5143\/\u65e5\u5143\u56de\u843d\u3002<\/p>\n

\u5c3d\u7ba1\u65e5\u5143\u4f20\u7edf\u4e0a\u4e5f\u88ab\u89c6\u4e3a\u907f\u9669\u8d27\u5e01\uff0c\u4f46\u7f8e\u56fd\u519b\u65b9\u7684\u76f4\u63a5\u4ecb\u5165\u4ee4\u8d44\u91d1\u77ed\u671f\u66f4\u504f\u5411\u7f8e\u5143\u3002\u8fd9\u7c7b\u6a21\u5f0f\u57282022\u5e74\u5730\u7f18\u51b2\u7a81\u521d\u671f\u4e5f\u66fe\u51fa\u73b0\u3002\u56e0\u6b64\uff0c\u82e5\u770b\u597d\u7f8e\u5143\/\u65e5\u5143\u957f\u671f\u8d70\u5f31\uff08bearish\uff0c\u6307\u770b\u8dcc\uff09\uff0c\u9700\u8981\u8010\u5fc3\u7b49\u5f85\u5f53\u524d\u7f8e\u5143\u7684\u5730\u7f18\u653f\u6cbb\u6ea2\u4ef7\uff08geopolitical premium\uff0c\u6307\u56e0\u5730\u7f18\u98ce\u9669\u800c\u989d\u5916\u63a8\u9ad8\u7684\u4ef7\u683c\u56e0\u7d20\uff09\u6d88\u9000\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u4f0a\u7d27\u5f20\u5347\u7ea7\u63a8\u9ad8\u907f\u9669\u7f8e\u5143\uff0cUSD\/JPY\u575a\u5b88159.10\u3001\u903c\u8fd1160\u5173\u53e3\uff01\u65e5\u672c\u8d22\u957f\u653e\u8bdd\u6216\u201c\u679c\u65ad\u201d\u5e72\u9884\uff0c\u6ce2\u52a8\u7387\u98d9\u5347\uff1b\u4e2d\u671f\u5229\u5dee\u6536\u7a84\uff0c\u65e5\u5143\u4ecd\u5177\u53cd\u5f39\u6f5c\u529b\u3002<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-45020","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/45020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=45020"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/45020\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=45020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=45020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=45020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}