Preface
In recent years, with the continuous advancement of globalization and economic integration, the economic ties between countries have become increasingly close, and monetary policy has become an important part of the global economic pattern. Among them, the United States, as the world's largest economy, its monetary policy is often concerned and affected by other countries, and the dollar has always played the role of the world's currency, known as the "vane of the global economy".
However, in recent times, with a series of adjustments to the monetary policy of the Federal Reserve Board (hereinafter referred to as the Federal Reserve), coupled with great changes in the global economic pattern, the monetary hegemony of the United States seems to have been challenged, and Japan and South Korea have become the protagonists of the "farce". And trying to get rid of the overdependence on the US dollar, which also brings certain uncertainty to the future trend of the global economic landscape.
1. The U.S. monetary policy has been adjusted, and the market expects interest rate cuts
As one of the world's largest developed economies, the economic situation of the United States often directly affects the trend of the global economy, and the Federal Reserve's monetary policy adjustment has attracted the attention of all parties. Recently, with the continuous release of U.S. economic data, the outside world's expectations for the U.S. economy have also undergone some changes, and the Federal Reserve has also given a certain "response" in the corresponding policy statements.
According to some previous statements and meeting minutes, the Fed seems to have begun to realize the current economic situation and begin to reassess the future policy direction, and before that, the market widely expected that the Fed may make some interest rate cuts at the end of this year, or even next year, to ease the current downward pressure on the economy.
Not long ago, the Federal Reserve officially stated for the first time at its regular monetary policy meeting that the current inflation situation is not optimistic, and there is a certain downside risk, which is also regarded by the outside world as the Fed may start the "countdown" of interest rate cuts in the short term.
This statement also directly affected the trend of the dollar index and U.S. Treasury yields, and the U.S. dollar index fell directly below the 97 mark, refreshing a new low in a month, which is also regarded by the market as a "vulnerable" performance of the dollar, and in this regard, some actions and reactions of various countries seem to be releasing some "signals" to the outside world.
Second, Japan's "unexpected" big move, the market is in an uproar
As the world's third largest economy, Japan's every move often has a certain impact on the global economy and financial markets.
Just after the news of the Fed's announcement of interest rate cut expectations, the Bank of Japan also made a "surprise" decision at its recent policy meeting, that is, it decided to temporarily "freeze" the target of long-term government bond yields, which was also regarded by the outside world as the Bank of Japan's "silent" withdrawal from its loose monetary policy.
As soon as this decision was announced, it caused a certain "sensation" and volatility in the global market, and directly led to a sharp rise in Japanese government bond yields, and the yen exchange rate also "soared" to a certain extent, which was also regarded by the market as an "unprecedented" "interest rate cut" move by the Bank of Japan, and this seems to have brought certain "challenges" to some investors in the global market.
Some people believe that this may be a "worry" about the current global economic situation by the Bank of Japan, and some people believe that this may bring certain "inspiration" and influence to the monetary policies of other countries and even the global monetary system, and Japan's move is also regarded as "attacking" the United States and trying to "reshape" the global monetary system.
Third, South Korea is "close behind", and the global economic pattern is once again uncertain
While the outside world is making various speculations and interpretations about the decision of the Bank of Japan and some of the "deep meanings" behind it, South Korea seems to have followed in the footsteps of Japan and made some "unexpected" moves, which have once again brought some "variables" to the global economic pattern.
Recently, the Bank of Korea also announced that its policy focus has shifted from stabilizing prices to supporting economic growth, and plans to appropriately adjust the monetary policy in the coming period to cope with the current downward pressure on the economy, which is also regarded by the outside world as a signal that the Bank of Korea has "turned" to loose monetary policy.
In addition, South Korea has also announced that it will accelerate the promotion of local currency swap agreements with some ASEAN countries in the coming period, and also intends to include the yuan in its basket of foreign exchange reserves, which is also seen by the market as a manifestation of South Korea's gradual reduction of dependence on the US dollar and seeking diversification.
Some people believe that this may be South Korea's borrowing and "imitation" of Japan's approach, and some people believe that this may have a certain impact and promotion on the integration process of East Asia, and even the economic integration process of Asia and even the world.
Fourth, the global economic pattern has reappeared as a "three-legged tripod", and a multipolar pattern has begun to emerge
The United States has always been the "leader" in the global economy, and its monetary policy is an "important tool" that affects the pulse of the global economy, and the US dollar has always played the role of the world's currency and is known as the "vane of the global economy".
However, with the great changes in the global economic pattern and the emergence of some new challenges and variables, this "status" of the United States seems to have been "impacted" to a certain extent, and the "resistance" from Japan and South Korea seems to be releasing a clear signal to the outside world, that is, they have begun to "move" and try to get rid of their excessive dependence on the dollar.
If the monetary policy of the United States has always been the "stabilizer" and "ballast stone" in the global economy, then this series of moves by Japan and South Korea has undoubtedly brought some "uncertainties" and "challenges" to the global economic pattern, and has also caused some "subtle" changes in the power structure of the global economy.
Previously, there was a period of time when the global economy seemed to have formed a situation of "one polarization of the United States", and now, with the "resistance" of Japan and South Korea, as well as the readjustment of the global economic pattern, a new "multipolar" pattern seems to have begun to emerge.
Fifth, the global economy may usher in a "reshuffle" reorganization, and win-win cooperation is the only choice
At present, the global economy is in the midst of "major changes unseen in a century", and various uncertainties and challenges are quietly coming, and in this context, cooperation between countries is particularly important.
The United States has always been the "leader" in the global economy, and its monetary policy often brings a certain "shock" to other countries, and the "resistance" from Japan and South Korea has also brought a certain "touch" to the global economic pattern and even the global governance system.
It is foreseeable that with the readjustment of the global economic pattern, the economic ties and interests of countries will become closer, and in this context, all countries also need to strengthen communication and cooperation, jointly promote the "reshuffle" and reorganization of the global economy, work together to build an open world economy, and promote economic globalization to develop in a more inclusive and inclusive direction.
At the same time, it is also hoped that the United States can correctly view and respond to the "resistance" from Japan and South Korea, readjust its global economic strategy, seek cooperation and coordination with other countries, jointly respond to various challenges and risks, promote the true sustainable development of the global economy, and make win-win cooperation the "consensus" and "choice" of all countries.
epilogue
It can be said that the global economy is undergoing unprecedented and profound adjustments and changes, and various uncertainties and challenges are quietly coming, and in this context, mutual understanding and cooperation among countries are particularly important.
The United States has always been an "important player" in the global economy, and the "resistance" from Japan and South Korea has also brought certain "impact" and "inspiration" to the global economic pattern and even the global governance system.
It is believed that with the joint efforts of all parties, the global economy can be promoted to achieve "reshuffle" and reorganization, and it is also hoped that in the new economic pattern, all countries can strengthen cooperation, work together to address various challenges, and jointly create a better future for mankind.