Ray Jia

Ray Jia

Senior Analyst, China

World Gold Council

Ray joined the World Gold Council in early 2019, and works within the Research team as the Senior Analyst, China. He previous held position with China Industrial Futures Ltd, focusing on the market analysis for major commodities classes and international macros for both individual and institutional investors.

Ray has a Bachelor’s degree in Corporate Finance from the Adelaide University in Australia, and a Master degree of Investment from Pace University in US.


ワールド ゴールド カウンシルの分析によれば、金を5%配分することにより、債券と株式に投資する日本のポートフォリオのパフォーマンスが改善する可能性がある.


The time may be right for gold in Japanese investors’ portfolios

Expectations for the end of the BoJ’s negative policy rate intensified

The BoJ relaxed its yield curve control (YCC) program in late July. Governor Ueda’s first surprise move since taking the wheel: he effectively doubled the YCC’s upper limit to 1%, while keeping the policy rate unchanged at -0.1%. This led to surges in both the 10-year JGB yield and its volatility. 


China’s gold market in April: wholesale demand down but gold reserves rose for the sixth consecutive month

Key highlights:

  • The LBMA Gold Price AM in USD rose by 0.2% in April while the Shanghai Gold Benchmark PM (SHAUPM) in RMB saw a 0.7% gain, due mainly to a depreciating RMB against the USD 
  • The average Shanghai-London gold price premium fell sharply in April amid easing local supply and demand conditions


Shunto, stagflation and gold

The 2023 “Shunto” sent positive signals to Japanese employees regarding possible pay increases amid a backdrop of elevated inflation in the region. Shunto – the wage negotiations between major corporations and unions that take place every March – provides pay level guidance for all Japanese employers, large and small.