{"id":10006,"date":"2026-10-30T09:13:59","date_gmt":"2026-10-30T09:13:59","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=10006"},"modified":"2026-10-30T09:14:06","modified_gmt":"2026-10-30T09:14:06","slug":"the-bank-of-japans-decision-to-hold-rates-steady-does-not-equate-to-a-dovish-stance-policy-normalization-is-still-underway","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/the-bank-of-japans-decision-to-hold-rates-steady-does-not-equate-to-a-dovish-stance-policy-normalization-is-still-underway\/","title":{"rendered":"Quy\u1ebft \u0111\u1ecbnh gi\u1eef l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi l\u1eadp tr\u01b0\u1eddng \u00f4n h\u00f2a; qu\u00e1 tr\u00ecnh b\u00ecnh th\u01b0\u1eddng h\u00f3a ch\u00ednh s\u00e1ch v\u1eabn \u0111ang \u0111\u01b0\u1ee3c ti\u1ebfn h\u00e0nh."},"content":{"rendered":"

ACE Markets \u0111\u00e3 tham chi\u1ebfu ch\u00e9o v\u0103n b\u1ea3n ch\u00ednh s\u00e1ch c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n, c\u01a1 c\u1ea5u bi\u1ec3u quy\u1ebft, th\u00f4ng s\u1ed1 b\u00e1n ETF, s\u1eeda \u0111\u1ed5i d\u1ef1 b\u00e1o l\u1ea1m ph\u00e1t, k\u1ef3 v\u1ecdng c\u1ee7a t\u1ed5 ch\u1ee9c v\u00e0 \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n ch\u00e9o trong c\u00f9ng m\u1ed9t khu\u00f4n kh\u1ed5 nghi\u00ean c\u1ee9u. \u0110\u00e1nh gi\u00e1 c\u1ed1t l\u00f5i c\u1ee7a h\u1ecd l\u00e0 vi\u1ec7c duy tr\u00ec m\u1ee9c l\u00e3i su\u1ea5t 1,25% ch\u1ec9 l\u00e0 danh hi\u1ec7u; th\u00f4ng tin gia t\u0103ng th\u1ef1c s\u1ef1 n\u1eb1m \u1edf t\u1ef7 l\u1ec7 phi\u1ebfu b\u1ea7u 8-1, t\u1ed1c \u0111\u1ed9 b\u00e1n ETF t\u0103ng nhanh, tuy\u00ean b\u1ed1 r\u1eb1ng l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n \u201c\u0111\u00e3 \u0111\u1ea1t m\u1ee5c ti\u00eau 2%\u201d v\u00e0 vi\u1ec7c \u0111\u1eb7t tr\u01b0\u1edbc quy\u1ec1n ch\u1ecdn t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 12. M\u1ed9t quan \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng duy nh\u1ea5t c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng gi\u1ea3i th\u00edch tuy\u1ebfn t\u00ednh \u201cgi\u1eef \u1ed5n \u0111\u1ecbnh\u201d l\u00e0 \u00f4n h\u00f2a, nh\u01b0ng ACE Markets, sau khi x\u00e1c th\u1ef1c ch\u00e9o tr\u00ean nhi\u1ec1u khung th\u1eddi gian, tin r\u1eb1ng cu\u1ed9c h\u1ecdp n\u00e0y g\u1ea7n v\u1edbi s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa \u201cl\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i \u1ed5n \u0111\u1ecbnh, ho\u1ea1t \u0111\u1ed9ng di\u1ec1u h\u00e2u tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 c\u00e1c l\u1ef1a ch\u1ecdn t\u0103ng l\u00e3i su\u1ea5t kh\u00f4ng h\u1ea1n ch\u1ebf trong t\u01b0\u01a1ng lai\u201d.<\/p>\n

S\u1ef1 ph\u00e2n k\u1ef3 8 tr\u00ean 1 \u0111\u00e3 \u0111\u01b0a cu\u1ed9c th\u1ea3o lu\u1eadn v\u1ec1 \u201cl\u00e3i su\u1ea5t trung l\u1eadp\u201d tr\u1edf n\u00ean c\u1edfi m\u1edf.<\/strong><\/p>\n

Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n \u0111\u00e3 th\u00f4ng b\u00e1o v\u00e0o ng\u00e0y 30 th\u00e1ng 10 r\u1eb1ng h\u1ecd s\u1ebd duy tr\u00ec l\u00e3i su\u1ea5t cu\u1ed9c g\u1ecdi qua \u0111\u00eam kh\u00f4ng b\u1ea3o \u0111\u1ea3m \u1edf m\u1ee9c kho\u1ea3ng 1,25%, v\u1edbi s\u1ed1 phi\u1ebfu b\u1ea7u l\u00e0 8 \u1ee7ng h\u1ed9 v\u00e0 1 ph\u1ea3n \u0111\u1ed1i. Th\u00e0nh vi\u00ean H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb Hajime Takada ch\u1ee7 tr\u01b0\u01a1ng n\u00e2ng l\u00e3i su\u1ea5t l\u00ean kho\u1ea3ng 1,5%, cho r\u1eb1ng l\u1ea1m ph\u00e1t CPI ti\u1ec1m n\u0103ng \u0111\u00e3 \u0111\u1ea1t m\u1ee5c ti\u00eau \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 v\u00e0 Nh\u1eadt B\u1ea3n \u0111\u00e3 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n m\u1edbi \u0111\u00f2i h\u1ecfi l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch h\u1ed9i t\u1ee5 nhanh h\u01a1n v\u1ec1 ph\u00eda t\u1ef7 gi\u00e1 trung l\u1eadp; \u0111\u1ec1 xu\u1ea5t n\u00e0y \u0111\u00e3 b\u1ecb t\u1eeb ch\u1ed1i b\u1edfi \u0111a s\u1ed1 phi\u1ebfu. ACE Markets tin r\u1eb1ng m\u1eb7c d\u00f9 b\u1ea3n th\u00e2n nh\u1eefng l\u00e1 phi\u1ebfu b\u1ea5t \u0111\u1ed3ng kh\u00f4ng l\u00e0m thay \u0111\u1ed5i k\u1ebft qu\u1ea3 nh\u01b0ng kh\u00f4ng n\u00ean \u0111\u00e1nh gi\u00e1 th\u1ea5p gi\u00e1 tr\u1ecb th\u00f4ng tin c\u1ee7a ch\u00fang.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261030_145604\"<\/p>\n

C\u00f3 nh\u1eefng b\u1ea5t \u0111\u1ed3ng c\u00f4ng khai trong \u1ee7y ban ch\u00ednh s\u00e1ch v\u1ec1 t\u1ed1c \u0111\u1ed9 b\u00ecnh th\u01b0\u1eddng h\u00f3a. Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n v\u1eabn \u0111ang tr\u00ean \u0111\u00e0 b\u00ecnh th\u01b0\u1eddng h\u00f3a nh\u01b0ng \u0111ang l\u1ef1a ch\u1ecdn c\u00e1ch ti\u1ebfp c\u1eadn th\u1eadn tr\u1ecdng h\u01a1n. V\u1edbi b\u1ed1i c\u1ea3nh trong t\u00e0i li\u1ec7u r\u1eb1ng \u201ccu\u1ed9c h\u1ecdp tr\u01b0\u1edbc \u0111\u00e3 th\u00f4ng qua cu\u1ed9c b\u1ecf phi\u1ebfu 7-2 \u0111\u1ec3 t\u0103ng l\u00e3i su\u1ea5t th\u00eam 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n\u201d, cu\u1ed9c b\u1ecf phi\u1ebfu 8-1 hi\u1ec7n t\u1ea1i \u0111\u1ec3 duy tr\u00ec t\u1ef7 l\u1ec7 c\u00f3 v\u1ebb gi\u1ed1ng nh\u01b0 m\u1ed9t th\u1ecfa thu\u1eadn chuy\u1ec3n ti\u1ebfp \u0111\u1ec3 gi\u1eef l\u1ea1i t\u00f9y ch\u1ecdn t\u0103ng l\u00e3i su\u1ea5t tr\u01b0\u1edbc cu\u1ed9c h\u1ecdp th\u00e1ng 12, h\u01a1n l\u00e0 chuy\u1ec3n sang n\u1edbi l\u1ecfng. ACE Markets kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n \u0111\u00e1nh \u0111\u1ed3ng \u201cduy tr\u00ec t\u1ef7 gi\u00e1\u201d v\u1edbi \u201cchuy\u1ec3n sang \u00f4n h\u00f2a\u201d, m\u00e0 chia n\u00f3 th\u00e0nh hai d\u00f2ng: \u201c\u0111\u01b0\u1eddng l\u00e3i su\u1ea5t v\u1eabn \u1ed5n \u0111\u1ecbnh\u201d v\u00e0 \u201ch\u01b0\u1edbng b\u00ecnh th\u01b0\u1eddng h\u00f3a v\u1eabn kh\u00f4ng thay \u0111\u1ed5i\u201d. L\u00e3i su\u1ea5t chu\u1ea9n \u0111\u00e3 \u1edf m\u1ee9c cao nh\u1ea5t trong 31 n\u0103m, m\u1eb7c d\u00f9 v\u1eabn c\u00f2n t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p so v\u1edbi c\u00e1c th\u00e0nh vi\u00ean G7 kh\u00e1c, cho th\u1ea5y Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u1ea3 kh\u1ea3 n\u0103ng th\u1eaft ch\u1eb7t v\u00e0 kh\u00f3 kh\u0103n trong giao ti\u1ebfp.<\/p>\n

M\u1ee9c t\u0103ng ch\u00ednh s\u00e1ch th\u1ef1c s\u1ef1 n\u1eb1m \u1edf c\u00e1c tham s\u1ed1 tri\u1ec3n khai ch\u1ee9 kh\u00f4ng ph\u1ea3i \u1edf ti\u00eau \u0111\u1ec1 gi\u1ea3i ph\u00e1p.<\/strong><\/p>\n

Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea9y nhanh vi\u1ec7c b\u00e1n c\u1ed5 ph\u1ea7n ETF c\u1ee7a m\u00ecnh, t\u0103ng m\u1ee5c ti\u00eau doanh thu h\u00e0ng n\u0103m t\u1eeb kho\u1ea3ng 330 t\u1ef7 Y\u00ean l\u00ean kho\u1ea3ng 860 t\u1ef7 Y\u00ean (d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch), chi\u1ebfm kho\u1ea3ng 0,1% doanh thu th\u1ecb tr\u01b0\u1eddng. Th\u1ecfa thu\u1eadn m\u1edbi s\u1ebd c\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o th\u00e1ng 1 n\u0103m 2027; d\u1ef1a tr\u00ean v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng, s\u1ed1 ti\u1ec1n b\u00e1n h\u00e0ng h\u00e0ng n\u0103m l\u00e0 kho\u1ea3ng 2,46 ngh\u00ecn t\u1ef7 y\u00ean. T\u1ed1c \u0111\u1ed9 b\u00e1n h\u00e0ng c\u1ee7a J-REIT s\u1ebd duy tr\u00ec \u1edf m\u1ee9c kho\u1ea3ng 5 t\u1ef7 y\u00ean m\u1ed7i n\u0103m. Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n c\u0169ng gi\u1eef l\u1ea1i \u0111i\u1ec1u kho\u1ea3n cho ph\u00e9p \u0111i\u1ec1u ch\u1ec9nh t\u1ea1m th\u1eddi s\u1ed1 ti\u1ec1n b\u00e1n h\u00e0ng ho\u1eb7c t\u1ea1m d\u1eebng b\u00e1n h\u00e0ng d\u1ef1a tr\u00ean \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/p>\n

K\u1ebft lu\u1eadn ch\u1ee9ng th\u1ef1c c\u1ee7a ACE Markets l\u00e0 \u0111\u00e2y l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa \u201cc\u00e1c th\u00f4ng s\u1ed1 di\u1ec1u h\u00e2u + th\u1ef1c thi linh ho\u1ea1t\u201d. M\u1ed9t m\u1eb7t, 860 t\u1ef7 y\u00ean g\u1ea5p kho\u1ea3ng 2,6 l\u1ea7n so v\u1edbi 330 t\u1ef7 y\u00ean ban \u0111\u1ea7u v\u00e0 theo t\u00ednh to\u00e1n t\u00e0i li\u1ec7u, th\u1eddi gian c\u1ea7n thi\u1ebft \u0111\u1ec3 ho\u00e0n t\u1ea5t vi\u1ec7c b\u00e1n c\u1ed5 ph\u1ea7n ETF \u0111\u00e3 \u0111\u01b0\u1ee3c r\u00fat ng\u1eafn t\u1eeb kho\u1ea3ng 112 n\u0103m xu\u1ed1ng c\u00f2n kho\u1ea3ng 43 n\u0103m, cho th\u1ea5y \u0111\u1ecbnh h\u01b0\u1edbng r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c b\u00ecnh th\u01b0\u1eddng h\u00f3a. M\u1eb7t kh\u00e1c, quy m\u00f4 b\u00e1n ra chi\u1ebfm kho\u1ea3ng 0,1% kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch to\u00e0n th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111i k\u00e8m v\u1edbi c\u01a1 ch\u1ebf \u0111i\u1ec1u ch\u1ec9nh ho\u1eb7c \u0111\u00ecnh ch\u1ec9 t\u1ea1m th\u1eddi cho th\u1ea5y Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n v\u1eabn \u0111ang tr\u00e1nh g\u00e2y s\u1ed1c l\u1edbn cho th\u1ecb tr\u01b0\u1eddng.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261030_150635\"<\/p>\n

Th\u1ecb tr\u01b0\u1eddng gi\u1ea3i th\u00edch quy\u1ebft \u0111\u1ecbnh b\u00e1n ETF l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u hi\u1ebfu chi\u1ebfn, v\u1edbi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai Nikkei 225 ti\u1ebfp t\u1ee5c gi\u1ea3m, minh h\u1ecda r\u1eb1ng c\u00e1c th\u00f4ng s\u1ed1 th\u1ef1c hi\u1ec7n c\u00f3 \u00fd ngh\u0129a h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi ti\u00eau \u0111\u1ec1 quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t. Chi\u1ebfn l\u01b0\u1ee3c gia Shogo Karitani c\u1ee7a MinatoBank g\u1ecdi quy\u1ebft \u0111\u1ecbnh b\u00e1n ETF l\u00e0 \u201c\u0111\u00e1ng ng\u1ea1c nhi\u00ean\u201d, coi \u0111\u00e2y l\u00e0 m\u1ed9t b\u01b0\u1edbc n\u1eefa h\u01b0\u1edbng t\u1edbi b\u00ecnh th\u01b0\u1eddng h\u00f3a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 v\u00e0 th\u00fac \u0111\u1ea9y m\u1ed9t s\u1ed1 ho\u1ea1t \u0111\u1ed9ng mua \u0111\u1ed3ng y\u00ean nh\u1eb9. Ph\u00e2n t\u00edch ch\u00e9o c\u1ee7a ACE Markets v\u1ec1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n v\u00e0 v\u0103n b\u1ea3n ch\u00ednh s\u00e1ch cho th\u1ea5y \u00e1p l\u1ef1c tr\u1ef1c ti\u1ebfp l\u00ean t\u00e0i s\u1ea3n r\u1ee7i ro t\u1eeb cu\u1ed9c h\u1ecdp n\u00e0y \u0111\u1ebfn t\u1eeb t\u1ed1c \u0111\u1ed9 b\u00e1n ETF h\u01a1n l\u00e0 t\u1eeb ch\u00ednh l\u00e3i su\u1ea5t 1,25%.<\/p>\n

B\u00e1o c\u00e1o l\u1ea1m ph\u00e1t v\u00e0 \u0111i\u1ec1u ch\u1ec9nh d\u1ef1 b\u00e1o: C\u00f2n d\u01b0 \u0111\u1ecba \u0111\u1ec3 t\u0103ng l\u00e3i su\u1ea5t s\u1edbm nh\u1ea5t l\u00e0 v\u00e0o th\u00e1ng 12<\/strong><\/p>\n

Trong tuy\u00ean b\u1ed1 c\u1ee7a m\u00ecnh, Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n l\u1ea7n \u0111\u1ea7u ti\u00ean ch\u1ec9 ra r\u1eb1ng l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n \u0111\u00e3 \u0111\u1ea1t m\u1ee5c ti\u00eau 2%, nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ed1t y\u1ebfu c\u1ee7a vi\u1ec7c neo t\u1ef7 l\u1ec7 l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n g\u1ea7n m\u1ee5c ti\u00eau 2%. N\u00f3 c\u0169ng l\u01b0u \u00fd r\u1eb1ng r\u1ee7i ro v\u1ec1 gi\u00e1 c\u00f3 xu h\u01b0\u1edbng t\u0103ng v\u00e0 ph\u1ea3i \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn nguy c\u01a1 \u0111i ch\u1ec7ch m\u1ee5c ti\u00eau. V\u1ec1 d\u1ef1 b\u00e1o, d\u1ef1 b\u00e1o CPI l\u00f5i trung b\u00ecnh cho c\u00e1c n\u0103m t\u00e0i ch\u00ednh 2026-2028 l\u1ea7n l\u01b0\u1ee3t l\u00e0 2,5%, 2,6% v\u00e0 2,0%; d\u1ef1 b\u00e1o CPI c\u1ed1t l\u00f5i trung b\u00ecnh l\u00e0 2,4%, 2,7% v\u00e0 2,3%; v\u00e0 d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng GDP th\u1ef1c t\u1ebf l\u00e0 0,7%, 0,7% v\u00e0 0,8%.<\/p>\n

ACE Markets tin r\u1eb1ng th\u00f4ng tin n\u00e0y ch\u1ee9ng th\u1ef1c ba \u0111i\u1ec3m: Th\u1ee9 nh\u1ea5t, \u201cl\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n \u0111\u1ea1t m\u1ee5c ti\u00eau 2%\u201d l\u00e0 m\u1ed9t c\u1ed9t m\u1ed1c quan tr\u1ecdng trong truy\u1ec1n th\u00f4ng, m\u1edf ra c\u01a1 h\u1ed9i cho m\u1ed9t \u0111\u1ee3t t\u0103ng l\u00e3i su\u1ea5t kh\u00e1c s\u1edbm nh\u1ea5t l\u00e0 v\u00e0o th\u00e1ng 12; th\u1ee9 hai, vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh t\u0103ng d\u1ef1 b\u00e1o CPI c\u01a1 b\u1ea3n ph\u00f9 h\u1ee3p v\u1edbi tuy\u00ean b\u1ed1 \u201cch\u00fa \u00fd \u0111\u1ebfn nguy c\u01a1 l\u1ea1m ph\u00e1t t\u0103ng v\u1ecdt\u201d, cho th\u1ea5y kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng r\u1ee7i ro t\u0103ng gi\u00e1 c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n \u0111\u00e3 gi\u1ea3m; th\u1ee9 ba, tuy\u00ean b\u1ed1 ch\u1ec9 m\u1edf ra c\u00e1c l\u1ef1a ch\u1ecdn v\u00e0 li\u1ec7u n\u00f3 c\u00f3 c\u1ee7ng c\u1ed1 k\u1ef3 v\u1ecdng v\u1ec1 \u0111\u1ee3t t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 12 hay kh\u00f4ng v\u1eabn ph\u1ee5 thu\u1ed9c v\u00e0o cu\u1ed9c h\u1ecdp b\u00e1o c\u1ee7a Kazuo Ueda.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261030_151031\"<\/p>\n

Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n c\u0169ng tuy\u00ean b\u1ed1 r\u1eb1ng m\u1eb7c d\u00f9 l\u00e3i su\u1ea5t th\u1ef1c t\u1ebf \u0111ang t\u0103ng l\u00ean g\u1ea7n \u0111\u00e2y nh\u01b0ng l\u00e3i su\u1ea5t th\u1ef1c t\u1ebf ng\u1eafn h\u1ea1n v\u1eabn \u1edf m\u1ee9c th\u1ea5p v\u00e0 ng\u00e2n h\u00e0ng s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng l\u00e3i su\u1ea5t d\u1ef1a tr\u00ean xu h\u01b0\u1edbng kinh t\u1ebf, gi\u00e1 c\u1ea3 v\u00e0 \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh. ACE Markets \u0111\u1eb7c bi\u1ec7t t\u1eadp trung v\u00e0o s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa \u201cl\u1eadp tr\u01b0\u1eddng trung l\u1eadp\u201d v\u00e0 \u201ck\u1ef3 v\u1ecdng \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1\u201d: n\u1ebfu cu\u1ed9c h\u1ecdp b\u00e1o ch\u1ec9 nh\u1eafc l\u1ea1i \u201c\u0111\u00e1nh gi\u00e1 ch\u1eb7t ch\u1ebd di\u1ec5n bi\u1ebfn tr\u01b0\u1edbc cu\u1ed9c h\u1ecdp ti\u1ebfp theo\u201d, h\u1ed7 tr\u1ee3 ng\u1eafn h\u1ea1n cho \u0111\u1ed3ng y\u00ean c\u00f3 th\u1ec3 b\u1ecb h\u1ea1n ch\u1ebf; n\u1ebfu l\u1ed9 tr\u00ecnh th\u1eaft ch\u1eb7t \u0111\u01b0\u1ee3c t\u0103ng c\u01b0\u1eddng r\u00f5 r\u00e0ng, \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t \u0111\u1ed3ng y\u00ean v\u00e0 JGB s\u1ebd \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 l\u1ea1i.<\/p>\n

Danh s\u00e1ch r\u1ee7i ro: R\u1ee7i ro t\u0103ng gi\u00e1 v\u00e0 r\u1ee7i ro gi\u1ea3m gi\u00e1 c\u00f9ng t\u1ed3n t\u1ea1i.<\/strong><\/p>\n

Nh\u1eefng r\u1ee7i ro \u0111\u01b0\u1ee3c Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n nh\u1ea5n m\u1ea1nh bao g\u1ed3m: gi\u00e1 d\u1ea7u cao, nhu c\u1ea7u li\u00ean quan \u0111\u1ebfn tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o v\u00e0 bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 c\u00f3 th\u1ec3 khi\u1ebfn vi\u1ec7c truy\u1ec1n gi\u00e1 trong giao d\u1ecbch gi\u1eefa doanh nghi\u1ec7p v\u1edbi doanh nghi\u1ec7p lan sang nhi\u1ec1u lo\u1ea1i h\u00e0ng ti\u00eau d\u00f9ng h\u01a1n; n\u1ebfu l\u1ee3i nhu\u1eadn AI kh\u00f4ng t\u0103ng c\u00f9ng v\u1edbi \u0111\u1ea7u t\u01b0, \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n, k\u00e8m theo nh\u1eefng thay \u0111\u1ed5i v\u1ec1 gi\u00e1 t\u00e0i s\u1ea3n; s\u1ef1 gia t\u0103ng gi\u00e1 l\u01b0\u01a1ng th\u1ef1c g\u1ea7n \u0111\u00e2y, b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb leo thang (bao g\u1ed3m c\u1ea3 t\u00ecnh h\u00ecnh Trung \u0110\u00f4ng) v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1eddi ti\u1ebft to\u00e0n c\u1ea7u, thu h\u00fat s\u1ef1 ch\u00fa \u00fd v\u00e0 c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh r\u1ee7i ro t\u0103ng gi\u00e1. Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n c\u0169ng tuy\u00ean b\u1ed1 r\u1eb1ng r\u1ee7i ro t\u1ed5ng th\u1ec3 \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf l\u00e0 c\u00e2n b\u1eb1ng v\u00e0 kh\u00f4ng gi\u1ed1ng nh\u01b0 tr\u01b0\u1edbc \u0111\u00e2y khi t\u1eadp trung v\u00e0o r\u1ee7i ro gi\u00e1 gi\u1ea3m, Nh\u1eadt B\u1ea3n \u0111\u00e3 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n m\u1edbi c\u1ea7n ph\u1ea3i gi\u1ea3i quy\u1ebft r\u1ee7i ro l\u1ea1m ph\u00e1t v\u01b0\u1ee3t m\u1ee9c.<\/p>\n

Ph\u00e2n t\u00edch xuy\u00ean th\u1ecb tr\u01b0\u1eddng c\u1ee7a ACE Markets cho th\u1ea5y nh\u1eefng r\u1ee7i ro n\u00e0y kh\u00f4ng ri\u00eang l\u1ebb: gi\u00e1 d\u1ea7u v\u00e0 r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb c\u00f3 th\u1ec3 \u0111\u1ea9y l\u1ea1m ph\u00e1t l\u00ean cao v\u00e0 h\u1ed7 tr\u1ee3 k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c \u0111\u1ed3ng y\u00ean th\u1eaft ch\u1eb7t; nguy c\u01a1 tho\u00e1i lui c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n li\u00ean quan \u0111\u1ebfn AI c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ch\u1ec9 s\u1ed1 Nikkei v\u00e0 ch\u1ee9ng kho\u00e1n to\u00e0n c\u1ea7u th\u00f4ng qua kh\u1ea9u v\u1ecb r\u1ee7i ro; v\u00e0 gi\u00e1 l\u01b0\u01a1ng th\u1ef1c t\u0103ng s\u1ebd c\u1ee7ng c\u1ed1 c\u00e2u chuy\u1ec7n v\u1ec1 \u201cr\u1ee7i ro l\u1ea1m ph\u00e1t v\u01b0\u1ee3t m\u1ee9c\u201d. ACE Markets theo d\u00f5i nh\u1eefng r\u1ee7i ro n\u00e0y \u0111\u1ed3ng th\u1eddi tr\u00ean nhi\u1ec1u c\u1eeda s\u1ed5, bao g\u1ed3m ngo\u1ea1i h\u1ed1i, ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n, tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 c\u00e1c v\u0103n b\u1ea3n ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4, tr\u00e1nh s\u1eed d\u1ee5ng m\u1ed9t con s\u1ed1 l\u1ea1m ph\u00e1t duy nh\u1ea5t \u0111\u1ec3 gi\u1ea3i th\u00edch l\u1ed9 tr\u00ecnh ch\u00ednh s\u00e1ch.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261030_151502\"<\/p>\n

Th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i giao \u1edf m\u1ee9c v\u1eeba ph\u1ea3i, ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n nh\u1ea1y c\u1ea3m v\u00e0 JGB \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3.<\/strong><\/p>\n

Sau th\u00f4ng b\u00e1o v\u1ec1 quy\u1ebft \u0111\u1ecbnh n\u00e0y, t\u1ef7 gi\u00e1 USD\/JPY gi\u1ea3m kho\u1ea3ng 0,25%, trong khi ch\u1ec9 s\u1ed1 Nikkei 225 t\u01b0\u01a1ng lai ti\u1ebfp t\u1ee5c gi\u1ea3m do ho\u1ea1t \u0111\u1ed9ng b\u00e1n ETF t\u0103ng t\u1ed1c. L\u1ee3i su\u1ea5t JGB k\u1ef3 h\u1ea1n 30 n\u0103m gi\u1ea3m kho\u1ea3ng 40 \u0111i\u1ec3m c\u01a1 b\u1ea3n so v\u1edbi m\u1ee9c \u0111\u1ec9nh 4,25% v\u00e0o \u0111\u1ea7u th\u00e1ng, trong \u0111\u00f3 JGB d\u00e0i h\u1ea1n v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn h\u01a1n. S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y cho th\u1ea5y r\u1eb1ng cu\u1ed9c h\u1ecdp n\u00e0y kh\u00f4ng n\u00ean \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng s\u1ef1 ph\u00e2n \u0111\u00f4i \u201cdi\u1ec1u h\u00e2u\/b\u1ed3 c\u00e2u\u201d, m\u00e0 n\u00ean chia th\u00e0nh \u0111\u01b0\u1eddng l\u00e3i su\u1ea5t, \u0111\u01b0\u1eddng b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 \u0111\u01b0\u1eddng ph\u1ea7n b\u00f9 r\u1ee7i ro: th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i ph\u1ea3n \u1ee9ng nh\u1eb9 nh\u00e0ng v\u1edbi quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t, ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n nh\u1ea1y c\u1ea3m h\u01a1n v\u1edbi vi\u1ec7c b\u00e1n ETF v\u00e0 JGB \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi s\u1ef1 ph\u1ee5c h\u1ed3i nhu c\u1ea7u trong n\u01b0\u1edbc v\u00e0 n\u1ec1n t\u1ea3ng ch\u00ednh s\u00e1ch. K\u1ebft h\u1ee3p d\u1ef1 b\u00e1o c\u1ee7a 12 t\u1ed5 ch\u1ee9c do Reuters t\u1ed5ng h\u1ee3p, nh\u1eadn \u0111\u1ecbnh c\u01a1 b\u1ea3n c\u1ee7a ACE Markets l\u00e0: h\u01b0\u1edbng b\u00ecnh th\u01b0\u1eddng h\u00f3a c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n kh\u00f4ng thay \u0111\u1ed5i, x\u00e1c su\u1ea5t t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 12 \u0111\u00e3 t\u0103ng l\u00ean, nh\u01b0ng vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t li\u00ean ti\u1ebfp l\u00e0 ch\u01b0a t\u1eebng c\u00f3 trong th\u1ebf k\u1ef7 n\u00e0y v\u00e0 c\u00f3 th\u1ec3 g\u00e2y ho\u1ea3ng lo\u1ea1n th\u1ecb tr\u01b0\u1eddng, v\u00ec v\u1eady t\u1ed1c \u0111\u1ed9 truy\u1ec1n th\u00f4ng s\u1ebd v\u1eabn th\u1eadn tr\u1ecdng. Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n l\u00e0 ng\u00e2n h\u00e0ng cu\u1ed1i c\u00f9ng trong s\u1ed1 ba ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn t\u1ed5 ch\u1ee9c cu\u1ed9c h\u1ecdp trong tu\u1ea7n n\u00e0y, trong khi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u \u0111\u1ec1u gi\u1eef l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh; v\u00e0o th\u00e1ng tr\u01b0\u1edbc, l\u1ea7n \u0111\u1ea7u ti\u00ean c\u1ea3 ba \u0111\u1ec1u t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ed3ng th\u1eddi, khi\u1ebfn vi\u1ec7c \u201cduy tr\u00ec l\u00e3i su\u1ea5t\u201d n\u00e0y gi\u1ed1ng m\u1ed9t bi\u1ec7n ph\u00e1p chuy\u1ec3n ti\u1ebfp h\u01a1n l\u00e0 chuy\u1ec3n sang n\u1edbi l\u1ecfng.<\/p>\n

Trong ph\u00e2n t\u00edch k\u1ecbch b\u1ea3n, ACE Markets t\u1eadp trung v\u00e0o vi\u1ec7c k\u1ebft h\u1ee3p c\u00e1c t\u00edn hi\u1ec7u h\u1ecdp b\u00e1o v\u00e0 c\u00e1c th\u00f4ng s\u1ed1 tri\u1ec3n khai. N\u1ebfu Kazuo Ueda g\u1ee3i \u00fd r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 12 v\u00e0 nh\u1ea5n m\u1ea1nh nguy c\u01a1 l\u1ea1m ph\u00e1t v\u01b0\u1ee3t m\u1ee9c, th\u00ec m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa \u0111\u1ed3ng y\u00ean m\u1ea1nh h\u01a1n, l\u1ee3i su\u1ea5t JGB t\u0103ng v\u00e0 \u00e1p l\u1ef1c l\u00ean ch\u1ec9 s\u1ed1 Nikkei c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u0103ng c\u01b0\u1eddng. N\u1ebfu \u00f4ng ch\u1ec9 tuy\u00ean b\u1ed1 r\u1eb1ng \u00f4ng s\u1ebd \u201c\u0111\u00e1nh gi\u00e1 ch\u1eb7t ch\u1ebd di\u1ec5n bi\u1ebfn tr\u01b0\u1edbc cu\u1ed9c h\u1ecdp ti\u1ebfp theo\u201d, ph\u1ea3n \u1ee9ng c\u1ee7a \u0111\u1ed3ng y\u00ean s\u1ebd nh\u1eb9 v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng nhi\u1ec1u h\u01a1n b\u1edfi c\u00e1c th\u00f4ng s\u1ed1 b\u00e1n ETF. N\u1ebfu \u00f4ng b\u1ea5t ng\u1edd h\u1ea1 th\u1ea5p m\u1ee9c t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 12 v\u00e0 nh\u1ea5n m\u1ea1nh m\u00f4i tr\u01b0\u1eddng t\u00e0i ch\u00ednh l\u1ecfng l\u1ebbo h\u01a1n, \u0111\u1ed3ng y\u00ean c\u00f3 th\u1ec3 m\u1ea5t l\u1ea1i l\u1ee3i nhu\u1eadn, l\u1ee3i su\u1ea5t JGB c\u00f3 th\u1ec3 gi\u1ea3m v\u00e0 ch\u1ec9 s\u1ed1 Nikkei c\u00f3 th\u1ec3 ph\u1ee5c h\u1ed3i.<\/p>","protected":false},"excerpt":{"rendered":"

Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n gi\u1eef \u1edf m\u1ee9c 1,25% v\u1edbi t\u1ef7 l\u1ec7 b\u1ecf phi\u1ebfu 8-1: doanh s\u1ed1 b\u00e1n ETF nhanh h\u01a1n, l\u1ea1m ph\u00e1t \u1edf m\u1ee9c 2% v\u00e0 quy\u1ec1n ch\u1ecdn t\u0103ng gi\u00e1 v\u00e0o th\u00e1ng 12, \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 tr\u00ean FX, JGB v\u00e0 Nikkei.<\/p>","protected":false},"author":1,"featured_media":10007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[115],"tags":[1034,1032,1033],"class_list":["post-10006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-bank-of-japan-policy","tag-boj-rate-decision","tag-etf-sales-pace"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/10006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/comments?post=10006"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/10006\/revisions"}],"predecessor-version":[{"id":10012,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/10006\/revisions\/10012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/10007"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=10006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=10006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=10006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}