2022年日本金融市场大幅波动，其中外汇市场日元对美元急速贬值，突破1美元兑150日元，为32年来最低值。日元大幅贬值对日本经济造成的负面影响加剧，2022年9月、10月，日本政府与日本银行时隔24年三次实施史上最大规模外汇干预。与此同时，2022年12月，日本银行调整了收益率曲线控制（YCC）框架，将长期利率变动幅度从±0.25%扩大至±0.5%，但此举并不意味着长期非常规超宽松货币政策走向发生改变。植田和男继任日本银行总裁后，基于外部经济及日本自身现实，虽然或将小幅进行部分政策调整，但2%的物价稳定目标以及超宽松货币政策基调或不会立刻改变。
In 2022，the Japanese financial market fluctuated sharply. The Japanese yen depreciated rapidly against the US dollar in the foreign exchange market，even breaking through 1 US dollar to 150 yen. It was the lowest value in 32 years. In September and October，the Japanese government and the BOJ launched the largest foreign exchange intervention for the first time in 24 years. Meanwhile，in December 2022，the BOJ adjusted the YCC framework to expand the range of long-term interest rate from ±0.25% to ±0.5%. But this does not mean that the unconventional ultra-loose policy has been changed. After Kazuo Ueda became president of the BOJ，based on the external economy and Japan’s own reality，although some policies may be adjusted slightly，the 2% price target and the ultra-loose monetary policy may not change immediately.
| Keywords： | Monetary PolicyJapanese Yen DepreciationForeign Exchange InterventionYield Curve Control（YCC） |
