#美联储货币政策 Seeing this news reminded me of Japan's economic bubble burst in the 1990s. Thirty years have passed in the blink of an eye, and the Bank of Japan is finally taking the step to raise interest rates. This makes me think back to the Federal Reserve's policy trajectory, from quantitative easing to rate hike cycles, and now to the high-interest-rate environment. The cyclical nature of monetary policy is truly vivid.

Although Japan's rate hike this time is cautious, it is highly significant. It marks the potential end of Japan's long-term deflation and low-interest-rate era. Looking back at history, the US experienced a similar turning point in the late 1980s. However, Japan's situation is more complicated, as they have faced 30 years of economic stagnation.

This decision by the Bank of Japan actually reflects that global monetary policy is entering a new phase. Central banks around the world are balancing inflation pressures and economic growth, seeking the optimal policy mix. For us veterans who have witnessed multiple economic cycles, these changes are both familiar and fresh.

The key is to learn lessons from history. Excessively loose monetary policy can lead to asset bubbles, while overly aggressive tightening may trigger a recession. Finding the balance is an art. Japan's cautious attitude this time is commendable, but whether it can reverse the long-term deflation trend remains to be seen. We must closely monitor subsequent developments to see if the Bank of Japan can successfully navigate this policy shift.