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🌏 | BOJ-owned ETF, about 40 trillion yen on a market value basis = BOJ Governor Kuroda


BOJ-owned ETF, about 40 trillion yen on a market value basis = BOJ Governor Kuroda

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He said that if it was necessary to reduce long- and short-term interest rates, it could dig deeper into negative interest rates, but at that time it also introduced measures to mitigate the impact on the profitability of financial institutions.

[Tokyo XNUMXth Reuters] – The Bank of Japan's governor, Haruhiko Kuroda, was held by the Bank of Japan at the House of Councilors Finance and Finance Committee on the afternoon of the XNUMXth ... → Continue reading


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Negative interest rate

Negative interest rate(Minus Kinri,British: negative interest rate) IsEconomicsthe termIs one of theinterest rateIs less than 0%minusThat is.

If it's a time of ultra-low interest ratesShort-term interest rateMay be temporarily negative. AlsoinflationAt times物 価Low interest rates during periods of high rate of increasedepositIfNominal interest rateEven if is positiveReal interest rateMay be negative.


2003June 6th in JapanFinancial institutionNo one is lending or borrowing short-term fundscollateralCall marketSo, the negative interest rate occurred for the first time in history, and it occurred frequently after that.[1].

EuropeThen negative interest rates are taking root,Germany, Netherlands,スイス,France,オーストリア,フィンランド,デンマークFound in short-term government bonds. This is traditionalBondMarketIt is unthinkable, and some people say that it is an abnormal phenomenon, but there is no sign that it will be corrected. Germany was the first to have a negative interest rate,20121-month government bond issued in early JanuarybidThe result was -0.0122%.

2012January,Policy interest rateFirst time inNational Bank of DenmarkShifted to negative interest rates[2].

2014XNUM X Month X NUM X Day,European Central Bank(ECB) set central bank deposit rate to -0.1%[3].

January 2014, 10, JapanMinistry of FinanceRedemption period of 3 monthsTreasury billsFor the first time, the average successful bid yield for (short-term government bonds) was -0.0037%.Japanese Government BondNegative interest rate was attached to the bid[4].

August 2014, 11,BondMarketThe yield on newly issued 2-year government bonds in Japan fell to -0.005%, the first negative yield for interest-bearing government bonds.[5].

August 2014, 12,Swiss National BankAnnounced to introduce negative interest rates[6].

August 2016, 2,Bank of JapanIntroduced a negative interest rate on some of the BOJ's current deposits. The current account balance on the same day was 253 trillion yen. Of that amount, 4290%, or 8.9 billion yen, was subject to negative interest rates.[7].. As a result, government bond yields plummeted in Japan[8].

August 2016, 3,Nemzeti BankReduced the overnight deposit rate from 1.35% to -1.20% after lowering the key policy rate from 0.1% to 0.05%[9].. The overnight deposit rate is set to be 1.25% lower than the main policy rate.[9].

As of May 2016, EU, Switzerland, Denmark,スウェーデン, Japan, Hungary at policy rateNegative interest rate policyHas introduced[2][9].


In August 2019, Jyske Bank announced a mortgage with a pre-fee interest rate of -8% in Denmark[10].

Swiss financial giantUBSIt is,Swiss National Bank OfNegative interest rate policyFrom November 2019, 11, an annual maintenance fee of 1% will be collected for large personal deposit accounts with a balance of more than CHF 200 million (about 2 million yen) in order to shift the burden of Established a policy to do[11].


[How to use footnotes]
  1. ^ Gyosuke Kamiki "The most interesting and understandable mechanism of the latest economy-solving simple questions from macroeconomics to microeconomics (textbooks not taught at school)" Nippon Bungeisha, 2008, p. 164.
  2. ^ a b "Negative interest rates? A mysterious phenomenon in Europe". Sumitomo Mitsui Trust Bank (September 2015, 4). 2015th of February 1Browse.
  3. ^ "ECB, negative interest rate, etc. additional easing decision Governor" not the end ""Reuters. (June 2014, 6). http://jp.reuters.com/article/topNews/idJPKBN0EG1ER20140605 
  4. ^ First negative interest rate = shortage of stock and flood of purchases-short-term government bond auction Jiji Dotcom December 2014, 10
  5. ^ Bond / Short-term Overview Foreign Exchange / Financial Market 2-Year Bonds, First Negative Yields on Interest-bearing Government Bonds Nihon Keizai Shimbun January 2014, 11
  6. ^ Negative interest rate to prevent high francs = upward pressure due to low oil prices-Swiss central bankJiji Dotcom December 2014, 12
  7. ^ Negative interest rate applied, 8.9% of checking account Qnew News February 2016, 2
  8. ^ Governor Kuroda "Summary of One Person" Emphasizing the Effect of Negative Interest Rates: Nihon Keizai Shimbun
  9. ^ a b c "Hungary introduces negative interest rate 5th case in Europe”(Japanese). Nikkei newspaper electronic version. 2019th of February 8Browse.
  10. ^ "Some countries get interest rates when they borrow a mortgage-the negative interest rates are up to this point”(Japanese). Bloomberg.com. 2019th of February 11Browse.
  11. ^ "Swiss UBS, negative interest rate on large personal deposits from November”(Japanese). Nikkei newspaper electronic version. 2019th of February 10Browse.

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