#美联储利率决策 Recently, I have been observing the new developments of the Bank of Japan and feel somewhat emotional. Ueda Kazuo has basically confirmed that there will be a rate hike in December, from 0.5% to 0.75%, and the market has already digested this news. But what truly deserves attention is the central bank's subsequent attitude—they said that the pace of future rate hikes will depend on the actual impact on the economy.

This makes me think of an important issue: global central banks are experiencing policy divergence, with the Federal Reserve, Bank of Japan, and European Central Bank each taking their own paths. In such an environment, our asset allocation needs to be more cautious. It’s not about avoiding risk, but about truly understanding our own risk tolerance.

The Bank of Japan emphasizes that interest rates are still very low and there is room for phased rate hikes, which sounds very moderate. But moderation does not mean no impact. Past experience tells me that when policy shifts occur, investors with poor position management often suffer the greatest losses. So my advice remains the same old saying: review your allocation—are you overly concentrated in a certain asset class? Do you have enough safety margins?

In the long run, policy fluctuations are normal; the key is to respond with the right mindset and methods. Staying calm and patient allows us to remain steady amid change.