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🌏 | ECB justified maintaining accommodative monetary policy for the time being = French Central Bank Governor


ECB justified maintaining accommodative monetary policy for the time being = French Central Bank Governor

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The ECB also estimates that the midpoint of the outlook for the 2% inflation target is around 12-18 months.

[Paris XNUMXrd Reuters] – European Central Bank (ECB) board member Bill Roy de Gallow, French Central Bank Governor XNUMX ... → Continue reading


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Inflation target

Inflation target(Inflation targeting) is the rate of price increase (Inflation rate) Against the governmentCentral BankSet a certain range of goals and implement monetary policy so that they fall within them.[1].. In most cases, it prevents inflation from becoming too high and induces it to fall to its target, but vice versa.

As a similar policy, "Price level targetThere is also[2].. This targets the general price level of a certain year, plus the determined rate of increase, and if the price level does not reach the target, the unachieved rate + the determined rate of increase are combined. Therefore, it is only necessary to raise the price index to a fixed level. The difference is whether or not to offset past mistakes.


Inflation targeting was originally adopted in countries suffering from high inflation[3].. When inflation is low, intentionally increase the amount of money (Open market operations) A policy that aims for stable economic growth by causing gradual inflation (Reflation, Currency reflation).Relationship between money supply and pricesBehind the introduction is the instability of.

economist OfIrving FisherIt is,World DepressionHe argued that sometimes it was necessary to increase the money supply and raise the price level to the level at the time the debt contract was signed, and maintain that level (price level target).[4].

In history, Sweden was the first country to adopt an inflation target, and the central bank Riksbank set a price level target in 1931 under the name of the "currency program" (until 1937).[5].

With the exception of Sweden, which implemented a price-level target in the 1930s, New Zealand was the first to adopt an inflation targeting policy (in English).1990[6][7].

1990 yearsNew ZealandIntroduced in the 1990sThe United Kingdom-スウェーデン-カナダ-AustraliaEtc., followed byBrazil-チリ-イ ス ラ エ ル- South Korea-メキシコ-South Africa-フィリピン-Thailand-チ ェ コ-ハンガリー-ポーランドSuch,2012It is currently installed in more than 20 countries.

South Korea, Thailand and Indonesia under the supervision of the IMF introduced inflation targeting between 1998 and 2000.[8].. South Korea became the first country to adopt inflation targeting in Asia in 1998.[8].. Central banks have shifted monetary control from using the money supply as an intermediate target to achieving the inflation target by manipulating interest rates.[8].

米 国Fed, the central bank ofFederal Reserve Board), Unlike other central banks, is responsible for employment (Employment Act of 1946) in addition to the inflation rate, and did not adopt the so-called inflation target.[9], Advocate for inflation targeting in 2006Ben BernankeBecame chairman of the Fed. It was expected that it would be introduced in the near future,2012May 1Introduced a de facto (FRB autonomous) inflation target, showing a policy to announce the long-term inflation target[10][11].

As of 2012, Japan was the only developed country that had not adopted an inflation target.[12],2013May 1ToBank of JapanChanged the "medium- to long-term price stability target" to the "Price Stability Target" and raised the inflation rate from 1% to 2%.[13][14][15][16].

Country settings

Quantity theory of money.jpg

A healthy inflation rate is said to be 2-3% based on human experience.[17].. Many central banks have attempted to set price targets, but the inflation rates they set (for example, 2.0 ± 1% in the UK) and the binding force on policy targets vary. Regarding the reason why the Bank of Japan set the price target at 2%Consumer price indexExplains that it is easy to exceed the actual situation, "At 1%, there is a possibility that deflation actually starts from XNUMX%."[18].

Most of the world's central banks set inflation targets in the range of 2% plus/minus 1 or 1-3%, with a median of 2%[19].

Price indexIs the consumer price index,GDP deflatorThere are several types, etc., and which indicator determines the rate of increase depends on the country. The Bank of JapanCore CPIWhile adopting “” as an index for price targets, the Japanese government has excluded “energy-related”.Core Core CPI”Has been made clear.[20].

Few countries have legislation that allows governments to dismiss central bank executives if they fail to meet inflation targets, and only New Zealand can dismiss a governor who does not achieve a significant inflation target for several years. However, there is no case in which the president was dismissed because he failed to achieve his goal.

There are three types of bodies that set the target inflation rate for the inflation target: the government, the government and the central bank, and the central bank.[21].

Inflation target policies themselves have been adopted in many countries, including emerging countries, but their operating methods are not always consistent, and many of them deviate from the original intention of the inflation target policy.[22].. South Africa, Australia and New Zealand are relatively loyal to their inflation targeting policies[22].

Inflation target adopters have adopted a policy of not considering asset prices or crude oil prices when they can predict that the target inflation rate can be maintained.[23].

EconomistYoichi TakahashiIs "Kuroda HigashihikoThe inflation target adopted by the Bank of Japan is based on the stock market and land prices.PriceThe consumer price index, which is composed of general goods and services, is the target.” "If the monetary policy is influenced by the current market movements, it will adversely affect the real economy." ing[24].

In the euro areaCentral BankPlay a roleEuropean Central BankAlthough not called an inflation target in the (ECB), an inflation rate of 2% is set as a “numerical definition of price stability”.Swiss National BankIs also a numerical definition of price stability.

Although China has set an inflation target, it does not rely on monetary policy to stabilize prices, andExchange rateTo maintain the standard of[25].

政府Government / Central Bank Central Bank
チ ェ コ
アイス ランド
イ ス ラ エ ル
South Korea
New Zealand
Eur-lex.europa.eu eur-lex.europa.eu
South Africa
The United Kingdom

Policy usefulness

Macro economyScholars argue that it is necessary to concretely declare a moderate inflation target of around 1-3% in order to maintain stable demand and function price adjustments by interest rates. In many countries, central banks have price targets. As a result, the United States, Japan, China, India, Russia, Germany, France, Middle East countries (excluding Israel), African countries (excluding South Africa), Southeast Asian countries (excluding the Philippines, Thailand, Indonesia and South Korea), South American countries (Chile).・In major economies (excluding Brazil),DeflationClaims to have been successful in preventing.

Due to the adoption of the inflation target, asset prices fell sharply, private investment sluggish, and overvaluedExchange rateIt is said that such problems will be resolved[26].. EconomistNorihisa Iwata"If the confidence among the market participants in the dynamic composition that "the central bank commits monetary policy to reach the target inflation rate in the medium term" is formed, Just by announcing, market interest rates, stock prices, and exchange rates will respond in the appropriate direction."[27].

Ben Bernanke points out that "the inflation target contributes to both price and employment stability"[28].

EconomistMasazumi Wakatabe"The inflation target is a contract that confirms what the government and the central bank should do, and sets numerical targets that the central bank should carry out.[29]"The key fact behind the success of macroeconomic policy management in countries such as the UK and Sweden is the adoption of inflation targets.[30]"It has said.

EconomistNaomi Murakami"The reason for the introduction of the price target system in the world is that it is an effective mechanism to increase the independence of the central bank. With this structure, the central bank can tighten monetary policy when inflation is too high. I can do it"[31].

The view that "the inflation target leads to loss of fiscal discipline and fiscal finance (filling in the deficit)"[32] Norihisa Iwata said, “The inflation target was devised to prevent fiscal financing.[33]"I point out.

Iwata said, "No financial crisis has occurred due to the bursting of the country's bubble that has introduced the inflation target. The financial crisis caused by the burst of the bubble has not been introduced (as of 2011) in Japan and the United States.[34]"The bubble economy was created and collapsed in Japan and the United States, which had no clear goals[32]"It has said. In addition, Iwata said, “Inflation target policy is effective to increase the nominal growth rate.[35]"Countries with price targets of 1% lower limit and 3% upper limit have high economic growth[36]"I point out.

EconomistMotoshige Ito“It is difficult to dispel deflationary minds from people, and this is the main reason why deflation has taken root in Japan. If inflation targeting can eliminate deflationary mindsets, a policy called inflation targeting Has fulfilled its original function."[37].

EconomistJoseph E. StiglitzThe central banks' “rigid” inflation targets are globalFinancial crisisIt said that the central bank concentrated too much on low inflation and failed to secure financial stability and economic growth.[38].

Effect of policy

Countries that have adopted the inflation targeting policy will see their real GDP growth rise whileWorld financial crisisHad good results until[39].. Norihisa Iwata points out, "In the period from 1993 to 2008 after adopting the inflation target, the growth rate increased steadily, the inflation rate was suppressed to a low level, and the unemployment rate fell."[40].. Iwata also pointed out that "the macroeconomic effect of Australia after adopting the inflation target is good".[41].



After the war, Japan suffered from inflation, but the inflationary trend continued in the world economy, and the memory of deflation gradually waned. However1990 eraTo enter theBubble burstThen,Heisei recessionIt became a serious depression calledDeveloped countryThen we entered an unusual deflation.

However, the BOJ and other governments did not think so seriously at first, and never made serious efforts to overcome deflation, and the deflationary recession lasted for a long time.Lost ten yearsCombined with the economic recession called "Bad debt disposalMade it more difficult.

In October 2000, the Bank of Japan's report “Consideration on “price stability”” stated that “it is not appropriate to show price stability numerically”.[43].

2002May 12At the decision meeting of the Bank of Japan inYu HayamiThe Governor denied the introduction of the price target, saying, "It exposes the economy to reckless betting. It is not appropriate as a policy."[44][45][46].

2006In March, the Bank of Japan announced “Understanding of Medium- to Long-Term Price Stability”.[47][48][49].. In the 2006 edition, "price stability" was defined as "a state where the rate of change is 0% in the consumer price index" and "within the range of 0 to 2%".[43].Toshihiko FukuiThe governor said it was "not a policy goal"[43].

2009May 11, Bank of JapanFumiaki ShirakawaIn his speech, he said, "Adopting an inflation-inducing policy will cause various problems." "The central bank will never do such a policy."[50].

2010May 4In the BOJ Semi-Annual Report held by the House of Representatives Finance and Finance Committee, discussions were held on the inflation target policy in order to escape deflation.[51][52].

2012May 2Announced "The Price Stability Goal"[49][53][54], Changed from "Understanding" to "Target"[55][56].. Governor Shirakawa had a negative view that it was a "goal" that had a policy-based obligation to achieve, not as a "goal" but as "aim (as central bank consensus)".[57].

2012May 11Governor Shirakawa said in a speech in Tokyo that the inflation target was "unrealistic in the Japanese economy, where prices and wages have not risen for a long time," and expressed a negative view.[58].. He also said that Japanese consumers and companies have established the "sense that prices should not go up".[58].

Former Bank of Japan Deliberation CommitteeNobuyuki Nakahara"The BOJ resisted that it was not the only responsibility for the price target. The BOJ has full responsibility for the price target."[59].. Norihisa Iwata stresses that it is the Bank of Japan's duty to achieve the price inflation target in the medium term[60].

EconomistTakatoshi Ito"If the government and the Bank of Japan agree to introduce a frame for inflation targeting, the means will be left to the Bank of Japan. Instead, they are aware that the Bank of Japan will be responsible for achieving the target. You should be aware of it."[61].

August 2013, 1,Bank of JapanMonetary policy meetingDecided to introduce an inflation target with a price stability target of 2%. He also announced a joint statement that the government and the Bank of Japan will work together to achieve the price target.[62]

Introduction promotion theory

economist OfYasushi Okada"The fact that the economy should operate with an inflation target of around 2% is a policy framework that is accepted in most developed countries."[63].. Improving monetary policy transparency[64] There are also calls for introduction in Japan as it stabilizes the expected inflation rate. American economistPaul Krugman[65][66] ,Ben Bernanke, Kikuo Iwata[34][67][68][69][70],Heizo Takenaka[71][72],Nobuyuki Nakahara[71] Economists and economists in Japan and the United States strongly criticized the attitude of the Bank of Japan and the government, and advocated overcoming deflation through reflationary policies.

Besides the above economists, he is also a reflationist economist.Asahi Noguchi[73][74],Takuro Morinaga[75][76],Yasushi Harada[77], Wakatabe Masasumi[67][78][79],Katsuyo Katsuma[80][81],Takeshi Kataoka[82][83][84],Hideomi Tanaka[85],Asada Norio[86][87],Yasuyuki Iida[88], Yoichi Takahashi[70][89],Seiji Adachi[90],Koichi Hamada[91] Although an inflation target was proposed by the government, there were many objections among the BOJ and scholars.[71][92][93].Mainichi Newspapers,Asahi Shimbun,Weekly Toyo KeizaiWas the pioneer of anti-monetary and anti-inflation targeting[73].

Paul Krugman wrote in a 1998 paper thatBubble burstAfter that, the only policy that Japan that could not get out of the recession could implement was the inflation target anymore."[94].. Serious in Japan in the late 1990sDeflationOn the other hand, from the perspective of eliminating debt deflation, which is a burden on the borrower, KrugmanCentral Bank(hereBank of Japan) From the nominal interest rate by increasing the amount of currency over the long termAnticipationHe suggested that the real interest rate minus the inflation rate (15% per year for 4 years) should be negative[66][95][96][97][Reliability required verification].. The core of Krugman's inflation targeting policy is to eliminate economic instability by achieving a negative real interest rate, which affects expectations of market participants.[98].

The Bank of Japan is aiming for a price increase rate of 0-1%[57]) Was set, but inflation bias (CPI (CPI) used by the Bank of Japan as an index of price stabilityConsumer price index), there is a research report that there is an upward bias of less than 1% due to the nature of statistics). There was a claim that it was desirable to do[Who?].


Many of the implementing countries to date have used it as a means of controlling inflation, and there was some skepticism regarding its use to overcome deflation.Yu Hayami"I have never heard that the inflation target is adopted by inflationary countries and is adopted by deflationary countries," he said.[99].

Hideomi Tanaka said, “Inflation targets are actually in New Zealand and other countries, and we have achieved good results from deflation. In addition, to prevent deflation, each country has set a numerical target at the lower limit as well as an upper limit, and high inflation is expected. At the same time as the countermeasures, it also functions as a countermeasure against deflation."[100].

EconomistHiroshi Kato"The idea that if the government shows the price increase due to the increase in currency is consumed by the people, even though the people are uncertain about the future, the idea is that the people will consume," is pointed out.[101].

There is no concrete policy measure to realize inflation. However, it is unlikely that inflation will not occur no matter how much the central bank buys a large amount of debt.[102]In fact, central banks in leading economies have explicitly introduced price targets (inflation targets).

Yutaka Harada said, "If you increase the supply of anything, the price will go down, if you decrease it, the price will go up. The currency is the same. It is neither historical nor structural. This isHarry Gordon Johnson,Jeffrey FrankelThis is exactly what economists such as, etc. showed in the 1970s. "[103].

Kikuo Iwata said, "Many people say that money will not increase unless bank lending increases, but if banks buy securities, money will increase.[104]"If inflation does not occur no matter how much the amount of long-term government bond buying operations is increased, the Bank of Japan will be able to buy up all long-term government bonds without causing inflation. Even if money overflows. It is common knowledge in economics that there can be no situation where inflation does not occur, and history shows.[105]"I point out.

As for whether setting an inflation target is economically meaningful, bloggersNobuo IkedaIs questioned by[106].. Yoichi Takahashi said, "A 1-3% inflation targeting policy is meaningful because it can correct the deficiency of interest rate and wage adjustment functions due to the zero lower limit of the nominal interest rate and the downward rigidity of the nominal wage. In mild deflation and mild inflation. There will be a difference in the growth rate. "[106].

Monetary easing aimed at prices is rather inflation of asset prices (Bubble economy) May be accompanied[107].. An economist said, "It is certainly important to work on the expectations of the people, but there are cases where prices are stable but the bubble swells, resulting in a huge disaster. The central bank is not just about prices. , It may be necessary to manage the policy comprehensively and proactively, paying close attention to the surge in asset prices. "[108].

Joseph E. Stiglitz"Some people argue that the inflation target is a policy tool. Can we shape inflation expectations? I can't shape inflation expectations, I just focus on inflation. I think the policy of guessing is wrong. " "In my opinion, monetary policy should be done to achieve all macroeconomic policy objectives. For example, the policy objectives in the United States are employment, economic growth and price stability." "Monetary policy objectives are macroeconomics. It is the stabilization of the economy, and full employment should be realized. The policy measure to achieve this is the appropriate policy measure. ”He criticized the policy target of expected inflation. "The fact that the money supply and credit volume are equal on the bank's balance sheet is one of the causes of long-standing confusion in this area. Regression analysis shows that the two numbers are the same. It's hard to pinpoint what's driving it. The theory we're claiming is a translation focused on credit supply (government banknote issuance), for example, increased base money. Even if it does, it will not be directly reflected in the credit supply. This may be one of the problems that Japan has. The monetary authorities control the base money, but the credit supply is directly applied. I don't have control. Ultimately, the two may be the same, but I think it's important what you control. "Base money and credit supply (this is the direct price) Affects) presenting problems with seeing equally[109].. Also, "Inflation targeting theory is at leastmonetarismLess harmful. The problem with inflation targeting in Japan is that it focuses on the wrong variables in the short term, and if the commitment is credible, the financial authorities will push the wrong strategy over the long term. It will be. Monetary policy is nowReal interest rateIt is more correct to focus on the expansion of credit supply than on the expansion of credit supply. "[110].. In other words, it insists on an inflation target based on credit supply rather than expected inflation due to monetary policy.

In addition, the mission of the Bank of Japan is "物 価It is argued that it may be against the "contribution to the sound development (purpose) of the national economy" (Article 2 of the Bank of Japan Law) through the stabilization (means) of the national economy.[Who?].. Masazumi Wakatabe states, "It is not desirable to leave deflation, where prices continue to fall."[79].

An economist said in a 2003 paper on Japan's monetary policy that the Bank of Japan introduced a 2% inflation targeting policy.Quantitative easing policyIf you carry outTrade balanceTemporarily worsensTrade deficitPointed out that[111].

Takeshi Nakano"Just because the central bank declares an inflation target and monetary easing does not mean that people have inflation expectations.[112]"Monetary easing money does not always go to domestic investment and consumption. Monetary policy alone cannot solve the shortage of demand and increase the practicability of prices starting to rise.[113]". Nakano also said, "Kikuo Iwata is the theoretical background to justify the inflation targeting policy.Thomas SargentThe economic theory of. However, Sargent's theory is about anti-inflation, and his historical example is the case of exterminating inflation. Iwata says that Sargent's theory can be applied to deflation measures, but it is doubtful whether it is possible. "[114].. Nakano said, "Escape from deflation cannot be achieved without mobilizing all means, not just monetary policy, to change the regime. Even if only the Bank of Japan introduces an" inflation targeting "policy and monetary easing, it will be burnt to the ground. It's over. "[115].

Rock theory

The "rock theory" is that "when you push and roll a rock that has stopped on a slope, it accelerates and cannot be stopped, and it rolls at a tremendous speed and crushes the inhabitants under the slope." "From deflation to hyperinflation." The theory is that it changes instantaneously. "[116].

Contrary to the counterargument that "hyperinflation will occur if Japan adopts a large-scale monetary easing policy including an inflation target," the Bank of Japan has boldly eased monetary policy, but it has no effect on suppressing deflation. Therefore, there is no point in further easing (= inflation cannot occur), "some experts argue.[117].

Regarding the concern that inflation targeting will generate hyperinflation, Paul Krugman said, "Many people have only the choice between price stability and hyperinflation. In my claim, moderate inflation and hyperinflation in Zimbabwe But it's totally different. But many people can't tell the difference. I don't think they've actually experienced it, but if they get a little inflation, they'll roll down slippery slopes and get out of control. That's what happens. People have a dramatic image of extreme badness, even though it doesn't really happen. "[66].

Yutaka Harada said, "There is a criticism that if monetary easing is continued, it will lead to inflation and hyperinflation like Zimbabwe. Therefore, we have to stop halfway through. The inflation target policy is to carry out monetary easing halfway. It ’s a policy to stop. ”[118].

Yoichi Takahashi points out that "inflation targeting has been adopted in developed countries, but no country has become hyperinflationary."[119][120].. Kikuo Iwata[121], Goshi Kataoka[122] Makes a similar claim.

About set value

It has been pointed out that adopting an inflation target may lead to hyperinflation, but that risk can be avoided by setting an upper limit on the inflation target.[26].

Takuro Morinaga points out that "if the upper limit of the range is exceeded, on the contrary, it will induce the inflation rate to decrease by raising interest rates and tightening the supply of funds. It is the setting of the target area for that purpose."[123].. Morinaga said, "If you target inflation targeting a higher consumer price index, you cannot aim for zero. If the rate of increase in the consumer price index is zero, the actual rate of increase in prices will be negative. 1-3% If we aim for an inflation rate, prices will actually remain the same or rise slightly. "[124].

Kikuo Iwata proposed setting an inflation target with a lower limit of 1% and an upper limit of 3%.[104].. In addition, Iwata says that as a concrete inflation target, it is necessary to set the year-on-year rate of increase in the consumer price index to what percentage in years after the deadline.[125].

EconomistYamazaki Gen"For many years, Japan's inflation rate has been low, at around 1% even during the bubble period, so there is an opinion that a price target of 2% or more is unrealistic, but that is why deflationary habits have been corrected and mild inflation has been raised. It is necessary to continue monetary easing until it becomes normal. ”“ When the inflation rate begins to rise due to monetary easing and the expansion of the budget deficit, there are discussions of “anxiety” or “threat” that may lead to hyperinflation immediately. , This is a poorly grounded argument. "[126].

Yutaka Harada said, "The 2% inflation target is pre-determined to tighten monetary policy if it exceeds 2%, so it can never be hyperinflation.[127]"Once the unemployment rate is low enough, you don't necessarily have to stick to price targets.[128]". Harada points out, "The important thing is to improve the economy, and the reason for 2% is that there is a rule of thumb that employment is better for that amount."[129].

Heizo Takenaka responded to the criticism that a long-term interest rate could rise if a price target of 3% was set, "but there are two contradictory criticisms that there is no effect, and long-term interest rates and prices may soar. Should make a counter proposal, which may or may not be very effective. You should carefully select a central bank governor."[130].

Koichi Hamada said, "(2% price target), if the economy recovers, it will never exceed 1%.[131]"The recovery of the real economy such as employment and production is more important than the achievement of the inflation target[132]". Or Hamada points out, "There is no problem up to 2%, but inflation tax is imposed at 4-5%. It is important to stop inflation from going too far."[133].

Inflation target policy says Joseph E. Stiglitz may not be able to resolve unemployment at low target inflation[134].. "The inflation target being discussed in Japan is to achieve the minimum inflation rate, but it is better to target an inflation rate of around 3%," he said.[135].. "I think it is possible to achieve (a price target of 2%) if the government and the BOJ play their respective roles, such as the government working on appropriate stimulus measures," he said.[136].

2010 year 2 month,IMFReport said "4% target is appropriate"[137].

Economic Cooperation Development Organization(OECD) pointed out that even more ardent quantitative easing measures would be necessary to achieve the 2% inflation target, and said that it would be desirable for the BOJ to increase asset purchases, including corporate bonds and long-term government bonds. Are[138].

EconomistKazuto Ikeo"The price target of 2% does not improve the quality of life even if it goes up in a cost-push manner."[139].

Underwriting of government bonds by the Bank of Japan

One of the important monetary policies claimed by the inflation target theory is underwriting of government bonds, market bonds, stocks, etc.Open market operationsIt has been argued that underwriting BOJ's JGBs is effective from the perspective of fairness.[Who?].

Direct underwriting of government bonds by the BOJ is Article 5 of the Finance Act.[140] Is prohibited in principle while short-term less than 1 yearGovernment securitiesUnderwriting is understood as not applicable to the same Article[141],Bank of Japan ActArticle 34 No. 4[142] Is said to be able to underwrite government short-term securities for less than one year.

Underwriting of government short-term securities of less than one year continued from 1 to 1945[143][144].. This is to extend the application to long-term government bonds and implement fiscal mobilization and large tax cuts, while substantially increasing the currency supply by having the Bank of Japan underwrite the government bonds as its financial resources (helicopter money theory).

In the case of Japan from the 1990s to the 2000s, these policies were not directly adopted,Quantitative easing policy,and20031から20043To maintain the yen's depreciationSterilization intervention[145] ByForex marketViaBase moneyHas increased[146], The GDP deflator announced by the Cabinet Office up to the third quarter of 2004 changed to a direction with a small absolute value, but thereafter2005Until the third quarter, the negative value increased again, though2007Until the third quarter, the negative absolute value will decrease again,14th cycleThe period of economic expansion was 2002 months from February 2 to October 2007.

Norihisa Iwata said, “Inflation targeting is a mechanism for avoiding fiscal financing. The reason why inflation targeting was created in the first place was that when the central bank was not yet independent, the government was forced to buy government bonds. This means that the central bank is doing financial financing, and as the money went out more and more, there was double-digit inflation in Europe and the United States in the 1980s. The government and the target are set, but the central bank decides how to achieve them by avoiding the government's intervention, increasing the amount of current account deposits to achieve the target, and increasing the base money. The BOJ itself makes the decision to buy JGBs, and the inflation target is to not buy more long-term JGBs even if the government demands more if the target is met.[3]"Under the global standard price target, the independence of monetary policy measures to achieve it is guaranteed, so there is no fear of fiscal financing that requires the government to purchase government bonds."[147]"There is no possibility of hyperinflation, as the shortage of supply that would occur immediately after the end of the war will not occur even if a large amount of government bond purchases continue[18]"I point out.

Takatoshi Ito pointed out, "The BOJ has already purchased a considerable amount of government bonds, and the maturity structure is different, but in terms of the amount, it is about the same as the new JGB issuance amount," and the scale that raises concerns about fiscal fineness. "If there are other risky assets that can be purchased, it is desirable not to increase the purchase amount of government bonds to an extreme extent," he said.[61].. Ito, who had insisted that the BOJ would buy a large amount of long-term government bonds as a means to achieve the inflation target in the past, said, "It is significant if the money that goes into the market by buying government bonds goes to risk assets, but now (2012) "The budget is too bad," he said, saying "I can't take the claim that I should buy more and more government bonds unconditionally".[148].

Government securities

The source of dollar buying fundsMinister of FinanceJurisdictionForex Fund Special AccountHowever, government short-term securities (FB) used toBank of JapanWas directly undertaken by[149], When intervening in foreign exchange after issuing government short-term securitiesMonetary baseWill increase and the yen will be simply supplied to the market.

For example, the typical case is that the Ministry of Finance buys foreign currencies with funds obtained by selling three months of TB to the Bank of Japan, but if the intervention is "unsterilized" here (BOJ The monetary base will increase for three months unless the TBs that the company underwrites are sold in the market. However, three months later, the Treasury will have to raise money in the financial markets to redeem the TB, at which point the monetary base level will return to its original level. For this reason, in practice, “non-sterilization” was carried out by setting a target for reserve balances and monetary base balances held by financial institutions in the Bank of Japan and fluctuating them according to the intervention of the Ministry of Finance.[150].

Attitude of each political party

Each as of December 2012Political partyPosture.

Pros and consPolitical party
LDP,Everyone's party,New party reform,Japan Restoration Party
×Japan Communist Party,Social Democrats,Democratic Party,Japan Future Party



  1. ^ IntageSometimes abbreviated.
  2. ^ Today's keyword Price level target Nihon Keizai Shimbun January 2010, 10
  3. ^ a b Norio Hisashi Iwata: Achieving the Inflation Target Mainichi jp (Mainichi Shimbun) February 2013, 2 (as of May 15, 2013Internet archive
  4. ^ Nihon Keizai Shimbun, "Economics of Money" Nikkei, Nikkei Bunko, 2004, p. 99.
  5. ^ Hideomi Tanaka, Deflationary Depression, The Deadly Sins of the Bank of Japan, Asahi Shimbun, 2010, p. 249.
  6. ^ Hideomi Tanaka, Asahi Noguchi, Masazumi Wakatabe "Economist Michelin" Ota Publishing, 2003, p.51.
  7. ^ Some commentators said, “Internationally, the inflation target policy isFinancial PolicyIt is common as a discipline that governs. "[Who?]
  8. ^ a b c Inflation targeting efforts in Asia Japan Research Institute, January 2003, 1
  9. ^ Yoichi Takahashi "Policy Discussion 7th: Answering Criticism of Inflation Targeting PolicyRIETI 2003May 7
  10. ^ US Fed introduces 2% inflation target, reviewed every JanuaryReuters 2012May 1
  11. ^ Full FOMC Statement on Setting Inflation Goals Reuters 2012May 1
  12. ^ Defeat all the ridiculous criticisms of deflationists! It would be a great success if the Abe administration achieved a deflationary breakthrough that could not have been perfect for the past 20 years. Modern business 2012May 12
  13. ^ BOJ introduces “2% price target” and “indefinite easing”, price outlook improved little Reters January 2013, 1
  14. ^ BOJ: Price target of 2%, as soon as possible-Buy assets indefinitely (3) Bloomberg August 2013, 1
  15. ^ Bank of Japan to introduce 2% price target for the first time in nine and a half years Nihon Keizai Shimbun January 2013, 1
  16. ^ BOJ adopts price stability target Asset purchases will start indefinitely from the beginning of 14 Nihon Keizai Shimbun January 2013, 1
  17. ^ Asahi Noguchi “Lecture on how economics works”, Natsumesha, 2003, page 95.
  18. ^ a b Failure to improve wages and lifestyles even if the price target reaches 2% = Bank of Japan Iwata Deputy Governor Reuters April 2013, 8
  19. ^ BOJ's policy is “smaller and later”, clarification of inflation target – Takatoshi Ito Professor Bloomberg August 2012, 12
  20. ^ [Focus] Government decides to exit deflation, adopts “Core Core CPI” Reuters April 2013, 7
  21. ^ Heenman, Geoffrey, Marcel Peter, and Scott Roger (2006), "Implementing Inflation Targeting: Institutial Arrangements, Target Design, and Communications," IMF Working Paper AP/06/278
  22. ^ a b Seiji Adachi "Lecture: World Economy Helping Business" [17th] Reason why stock prices of resource-rich countries in the Commonwealth are strong Hyundai Business July 2013, 9
  23. ^ Norihisa Iwata "What's the Business?" Chikuma Shobo <Chikuma Primer Shinsho>, 2008, p.160.
  24. ^ Shoot the popular theory of Yoichi Takahashi! View of the Bank of Japan's policy-making meeting reportedly disappointing Diamond Online August 2013, 6
  25. ^ Kuniko Asagi/Hideo Tamura/Hideomi Tanaka “Reconstruction theory of Japan [mobilize surplus funds of 100 trillion yen! ] Fujiwara Shoten, 2012, p. 155.
  26. ^ a b Norihisa Iwata, "Research on the Showa Depression," Toyo Keizai, Inc., 2004, p.
  27. ^ Norihisa Iwata "Economics that turns "anxiety" into "hope"" PHP Research Institute, 2010, p.150.
  28. ^ Hideomi Tanaka "Ben Bernanke, New Emperor of the World Economy" Kodansha <Kodansha BIZ>, 2006, p. 174.
  29. ^ Humbly learn the knowledge of economics PHP Business Online Public knowledge February 2010, 8
  30. ^ Strange silence of "Nikkei Shimbun" PHP Business Online Public knowledge February 2008, 4
  31. ^ Is it true that Abenomics causes bubbles? Naoki Murakami (Chief Economist, Monex Securities) SYNODOS-Synodos-August 2013, 1
  32. ^ a b Kikuo Iwata, expected inflation rate rise "to increase capital and housing investment and consumption" Nihon Keizai Shimbun January 2013, 3
  33. ^ [Special Interview] Kikuo Iwata, Professor, Gakushuin University "The Bank of Japan should commit to the 2% inflation target. Let's talk about all of our monetary policy." Diamond Online August 2013, 3
  34. ^ a b Demonstrate deflation with 4% inflation target Norihisa Iwata, Professor, Gakushuin University Faculty of Economics Oriental economy 2011May 2
  35. ^ Norihisa Iwata: Raise the nominal growth rate before raising taxes PHP Business Online Public knowledge February 2013, 3
  36. ^ Price 2% target, policy adjustment if it continues to exceed due to economic overheating = Vice President of the Bank of Japan Iwata Reuters April 2014, 5
  37. ^ Is inflation targeting a silver bullet for deflation? nikkei BPnet December 2012, 12
  38. ^ Professor Stiglitz: Inflation Targeting Partly Causes the Financial Crisis-South Africa's B Day Bloomberg August 2009, 7
  39. ^ Norihisa Iwata "Learning Macroeconomics" Chikuma Shobo <Chikuma Shinsho>, 1996, 172 pages.
  40. ^ Norihisa Iwata "Economics that turns "anxiety" into "hope"" PHP Research Institute, 2010, p.144.
  41. ^ Norihisa Iwata "Economics that turns "anxiety" into "hope"" PHP Research Institute, 2010, p.149.
  42. ^ [How to solve Japan] How to write articles based on the BOJ lecture forever ZAKZAK July 2013, 3 (Internet Archive as of July 10, 2013)
  43. ^ a b c Hideomi Tanaka, Deflationary Depression, The Deadly Sins of the Bank of Japan, Asahi Shimbun, 2010, p. 194.
  44. ^ Price target "Reckless bet" = 02 December 12 Governor Hayami-BoJ minutes Jiji Dotcom December 2013, 1
  45. ^ Discussing price targets 10 years ago... rejected as "dangerous bet" BOJ released minutes Sankei Shimbun March 2013, 1
  46. ^ BOJ: Price target “Reckless betting”... Governor, 02 decision meeting Mainichi jp (Mainichi Newspaper) January 2013, 1
  47. ^ Clarification of "understanding of price stability in the medium to long term" Bank of Japan
  48. ^ News clip Understanding price stability Yomiuri Shimbun May 2009, 12
  49. ^ a b The "target" and "prospect", "understand" Nikkei Business Digital February 2012, 2
  50. ^ Katsuyo Katsuma, Tetsuya Miyazaki, Yasuyuki Iida, “Economic Restoration: The Simplest Method,” Kobunsha <Koubunsha Shinsho>, 2010, page 181.
  51. ^ Inflation targeting exchange, Finance Minister Suga "1-2% real target" Reuters April 2010, 4
  52. ^ Deputy Prime Minister Kan, inflation target "attractive policy" Nihon Keizai Shimbun January 2010, 4
  53. ^ Recent policy management for sustainable growth under price stability Bank of Japan
  54. ^ Isn't the "target" of "aim for price stability in the medium to long term" the "target"? Is it different from inflation targeting? Bank of Japan
  55. ^ Bank of Japan, the depiction change of price increases 1% prospect stability objective Nihon Keizai Shimbun January 2012, 2
  56. ^ “Inflation prospects” on the Internet were called “Inmed policies” in the sense of “likely non-inflation target policies” (Only one graph showing that the yen is depreciating in Abenomics Naoki Murakami SYNODOS-Synodos-March 2013, 3).
  57. ^ a b Eco-pickup: "Inflation target policy" that looks similar to the BOJ's yen depreciation Mainichi jp (Mainichi Newspaper) 2012May 4
  58. ^ a b BOJ governor rejects inflation target "not realistic" 47NEWS Joint News 2012May 11
  59. ^ Interview with Mr. Nobuyuki Nakahara, former BOJ deliberative member (1/2 page) SankeiBiz February 2013, 2
  60. ^ Achieved 2% prices, Mr. Iwata "BoJ's duty", Mr. Nakaso "Heavy promise" Reuters April 2013, 3
  61. ^ a b Interview: BOJ Avoids Extreme Expansion of JGB Purchasing = Professor at Ito-University of Tokyo Reuters April 2012, 12
  62. ^ BOJ ・2% price stability target
  63. ^ COLUMN-[Insight] 4-5% nominal growth rate target, great flexibility in macro policy = Economist Yasushi Okada Reuters April 2007, 11
  64. ^ Article 3 of the Bank of Japan Act 2 The Bank of Japan must endeavor to make the content and process of decision-making regarding currency and financial regulation clear to the public.
  65. ^ Nobel Prize in Economics, Krugman New Theory in International Trade asahi.com (Asahi Shimbun) October 2008, 10
  66. ^ a b c Blind Spot of Economy Exclusive Interview Nobel Prize Economist P. Krugman "Missing the mistaken Japanese economy way of thinking" Contemporary business 2010May 8
  67. ^ a b Bold reflationary policy learned from “Takahashi Finance”-To prevent falling into crisis beyond the Showa Depression Oriental economy 2009May 6
  68. ^ 2% Inflation to Prevent Financial Insolvency, Obligation to Revise BOJ Law-Prof. Iwata (1) Bloomberg 2012May 7
  69. ^ Bank of Japan, new government leverages when monetary policy advances, deflation extermination SankeiBiz 2012May 12
  70. ^ a b Published at once! FAQ for criticism of "inflation target" [Part 1] Examining the inflation target "invalidity theory" Diamond online 2012May 12
  71. ^ a b c Financial crisis and central bank 02 Shirakawa style. Common sense person who doubts common sense Asahi Shimbun Gloves
  72. ^ 10 years ago the BOJ was negative about introducing price targets NHK News August 2013, 1
  73. ^ a b Asahi Noguchi's "Kill Keisai!" Part 1 Why People Prefer Deflation HotWired Japan ALT BIZ (2005May 12Internet Archive at the time)
  74. ^ What will happen to the future economy and economy Tokushima Shimbun 2007May 7
  75. ^ The 23rd Release of Quantitative Monetary Easing Will Cool the Japanese Economy Again ~ The Bank of Japan is Obsessed with Severe Inflation Phobia ~ SAFETY JAPAN 2006May 3
  76. ^ "Amateur Minister" is "the name of the injury". The BOJ's "additional monetary easing measures" are insufficient to "break deflation." Go ahead with the government's adoption of inflation targets! SAFETY JAPAN 2010May 3
  77. ^ Zero% inflation target Daiwa Institute of Research Group Column 2007May 2
  78. ^ Is BOJ Governor Personnel Important? PHP Business Online Public knowledge February 2008, 2
  79. ^ a b New BOJ President returns to zero interest rate PHP Business Online Public knowledge February 2008, 5
  80. ^ Kazuyo Katsuma's "Reflection Theory" Receives a Large Response J-CAST News 2009May 11
  81. ^ Mr. Kazuyo Katsuma gives emergency warning "Heisei deflation depression" ZAKZAK 2010May 5(Internet Archive as of May 2010, 5)
  82. ^ Keynes's advice SYNODOS-Synodos-August 2010, 8
  83. ^ [Interview with Takeshi Kataoka] Yen appreciation and deflation are not natural phenomena! Economic knowledge to avoid falling into the trap of infallibility "Re-examining the future of the yen" Author Takeshi Kataoka SoftBank Business + IT September 2012, 7
  84. ^ Switch to a countermeasure that responds immediately to an "emergency situation"! --Do your best to avoid "human disaster" SYNODOS-Synodos-August 2011, 3
  85. ^ [Interview with Mr. Hideomi Tanaka] It is mediocre but the best prescription "reflation policy" to save Japan from deflation. SoftBank Business + IT 2010May 9
  86. ^ Research Read "Earthquake Reconstruction Book": Focusing on the issue of nuclear power plants and the issue of financial resources for reconstruction funds Chuo Online YOMIURU ONLINE (Yomiuri Shimbun) September 2011, 9
  87. ^ Breaking away from opinion deflation is the solution to the cumulative problem of government bonds. Chuo Online: YOMIURI ONLINE (Yomiuri Shimbun) December 2012, 5
  88. ^ What is the "identity" of people who like the strong yen? --Seiji Adachi ("The true identity of the strong yen") x Yasuyuki Iida SYNODOS-2012May 2
  89. ^ Yoichi Takahashi's Democratic Watch "Failure" Bank of Japan Don't Make Excuses "Inflation Target" Fed Should Be Fed J-CAST News 2012May 2
  90. ^ This economic blunder was dangerous! 2012 Japan-Europe Economic Loss Review SYNODOS-Synodos-August 2012, 12
  91. ^ Interview: The Bank of Japan has unlimited easing, the price target of 2-3% is appropriate = Professor Koichi Hamada Reuters 2012May 12
  92. ^ Quick understanding "Inflation target theory" RIETI 2003May 2
  93. ^ Inflation targeting cannot save the Japanese economy Toyo Keizai Online 2010May 5
  94. ^ Barrenness of former Prime Minister Koizumi's "de-nuclearization" theory [1] PHP Business Online Public knowledge February 2013, 11
  95. ^ It's Baaack! Japan's Slump and the Return of the Liquidity Trap The Official Paul Krugman Web Page 1998
  96. ^ It's a resurrection! YAMAGATA Hiroo Entrance Page 2001
  97. ^ [Car face] Kaori Iida Economic caster NHK Biz Plus Caster Blog 2012May 8
  98. ^ Hideomi Tanaka "Learning History in Economic Policy" SoftBank Creative <SoftBank New Book>, 2006, pp.185-186.
  99. ^ Tanaka Hideomi, Seiji Adachi, "Heisei University Stagnation and Showa Depression-Introduction to Practical Economics", NHK Publishing <NHK Books>, 2003, p. 111.
  100. ^ Hideomi Tanaka "Ben Bernanke, New Emperor of the World Economy" Kodansha <Kodansha BIZ>, 2006, p. 16.
  101. ^ Nihon Keizai Shimbun, "Economics of Money" Nikkei, Nikkei Bunko, 2004, p. 220.
  102. ^ In honor of this point, quoting Ben Bernanke's theory, "Bernanke's absurd method"BecomeInternet slangWas distributed in the Internet society (Hideomi Tanaka-Asahi Noguchi-Masazumi WakatabeEd. "Economist Michelin" Ota Publishing, 2003, 115 pages. ).
  103. ^ Japan's purchasing power parity is not high SYNODOS-Synodos-August 2013, 3
  104. ^ a b Norihisa Iwata "Refreshing! Introduction to the Japanese Economy-Fifteen Laws to Read and Read Contemporary Society," Nihon Keizai Shimbun, 15, p. 2003.
  105. ^ Norihisa Iwata "Refreshing! An Introduction to the Japanese Economy-The 15 Laws of Reading the Modern Society, Nihon Keizai Shimbun, 2003, pp. 262-263.
  106. ^ a b The seventh: We answer criticism to inflation target policy: Discussion room RIETI 2003May 3
  107. ^ [1]
  108. ^ Osamu Ito "Economics of Japan-History, Current Situation, Issues" Chuokoron Shinsha <Chukou Shinsho>, 2007, 134 pages.
  109. ^ Customs and Foreign Exchange Subcommittee Foreign Exchange Subcommittee Subcommittee on Recent Trends in International Finance (15th) Minutes April 4, 16
  110. ^ Joseph E. Stiglitz, Professor Stiglitz's Economics Class-Understanding Global Economic Topics, Diamond, 2007, pp. 27-28.
  111. ^ Seiji Adachi "Lecture: World Economy Useful for Business" [40th] Is "Current Balance Deficit" Evil? Hyundai Business April 2014, 4
  112. ^ Takeshi Nakano "Regime change-The idea of ​​reversal to break through the depression” NHK Publishing <NHK Publishing New Book>, 2012, 179 pages.
  113. ^ Takeshi Nakano "Regime Change-The Idea of ​​Reversal that Overcame the Depression" NHK Publishing <NHK Publishing New Book>, 2012, p. 182.
  114. ^ Takeshi Nakano "Regime Change-The Idea of ​​Reversal that Overcame the Depression" NHK Publishing <NHK Publishing New Book>, 2012, p. 186.
  115. ^ Takeshi Nakano "Regime Change-The Idea of ​​Reversal that Overcame the Depression" NHK Publishing <NHK Publishing New Book>, 2012, p. 188.
  116. ^ Hideomi Tanaka, Deflationary Depression, The Deadly Sins of the Bank of Japan, Asahi Shimbun, 2010, p. 246.
  117. ^ A single graph that shows how the BOJ is not working SYNODOS-Synodos-August 2013, 2
  118. ^ If the monetary policy is eased, it will head toward a "V" recovery from a "letter" PHP Business Online Public knowledge February 2010, 7
  119. ^ [How to solve in Japan] Inflation target, officials and mass media are "unusual" zakzak 2012May 12(Internet Archive as of May 2013, 3)
  120. ^ Published at once! FAQ for criticizing the "inflation target" [Part 2] Examining the "evil theory" of the inflation target Diamond Online 2013May 1
  121. ^ Norihisa Iwata "Refreshing! Introduction to the Japanese Economy-Fifteen Laws to Read and Read Contemporary Society," Nihon Keizai Shimbun, 15, p. 2003.
  122. ^ Thinking about economic policy for reconstruction from the perspective of money Takeshi Kataoka SYNODOS-Synodos-August 2011, 4
  123. ^ Morinaga Takuro, "The 50 Great Questions of the Japanese Economy" Kodansha <Kodansha Hyundai Shinsho>, 2002, p.
  124. ^ Morinaga Takuro, "The 50 Great Questions of the Japanese Economy" Kodansha <Kodansha Hyundai Shinsho>, 2002, 134 pages.
  125. ^ Hideomi Tanaka, Asahi Noguchi, Masazumi Wakatabe "Economist Michelin" Ota Publishing, 2003, p.99.
  126. ^ Is Shinzo Abe's Monetary Easing Policy Correct? Diamond online 2012May 12
  127. ^ Why can't the Japanese economy be regenerated? (Last) ~ BOJ is not a guardian of currency and prices!? NetIB-NEWS 2012May 12
  128. ^ Great shift from white BOJ to black BOJ WEDGE Infinity September 2013, 4
  129. ^ Further monetary easing, government bonds can still be bought Professor Yasushi Harada, Waseda University Asahi Shimbun Digital May 2015, 1
  130. ^ Interview: Purchasing JGBs with price target 1-3% = Professor Takenaka and Keio University Reuters 2012May 12
  131. ^ Interview: Postponement of consumption tax increase is also an option, about 100 yen is "reasonable" = Mr. Hamada Reuters April 2013, 4
  132. ^ 5% consumption tax increase, big shock to Japanese economy = Cabinet Secretary Hamada Reuters April 2013, 7
  133. ^ Professor Hamada: BOJ's long-term doubling of government bond purchases is possible-additional easing in May Bloomberg August 2014, 3
  134. ^ Edited by Hideomi Tanaka, "Can the Japanese Economy Revive?" Fujiwara Shoten, 2013, p. 177.
  135. ^ Hideomi Tanaka, Deflationary Depression, The Deadly Sins of the Bank of Japan, Asahi Shimbun, 2010, p. 96.
  136. ^ BOJ Kuroda new system started “Achieve price target of 2%” NHK Biz Plus March 2013, 3
  137. ^ Yoichi Takahashi "Professor Takahashi's Introduction to Economics" Aspect, 2011, p.56.
  138. ^ OECD evaluates Abenomics upward revision of growth rate 47NEWS (Yonna News) Joint News March 2013, 3
  139. ^ Professor Keio Ikeo: Consumption tax increase postponement is "the end of the world" Bloomberg August 2014, 11
  140. ^ Article 5 of the Fiscal Law In all cases, the Bank of Japan should be underwritten for the issuance of public debt, and the Bank of Japan shall not be borrowed for the borrowing of debts. Provided, however, that this shall not apply within the amount of money that has passed the resolution of the Diet, if there are special reasons.
  141. ^ [2]
  142. ^ As the central bank of Japan, the Bank of Japan may, in addition to the business prescribed in paragraph 1 of the preceding Article, carry out the following business with the government. (Omitted) No. 4 Application for or underwriting of Ministry of Finance securities and other flexible securities
  143. ^ Until 1998, government short-term securities were issued by the "fixed rate public offering balance BOJ underwriting method" in which interest rates were set in advance and public offerings were made in the market, and if the application amount was less than the issuance amount, the Bank of Japan would underwrite the balance. It was Under this method, the issuance rate was often lower than the current market conditions, which resulted in the Bank of Japan taking over most of the issuance amount. The Ministry of Finance (at that time) announced in December 1998, 12, "On the promotion of yen's internationalization," in principle that the method of issuing government short-term securities will be changed to the "public offering bid method," and in 22, After April, it is decided to shift to the same method within about one year.
  144. ^ [3]
  145. ^ Of the yen funds supplied to the market through the yen selling intervention, 60% was immediately offset by the Bank of Japan's financial adjustment, but the remaining 40% was not offset and remained in the market for a while. "Currency and Money Markets. Foreign Exchange Intervention During Quantitative Easing Period" Tsutomu Watanabe.[4]
  146. ^ Takatoshi Ito "From Deflation to Revival" Toyo Keizai Inc.2005 Page 100.
  147. ^ Candidate for Vice President of the Bank of Japan Iwata: Magic of price target, yen depreciation due to expected inflation rise Bloomberg August 2013, 3
  148. ^ Japan suffers from yen depreciation in 3-5 years, long-term interest rate 3% due to financial difficulties-Prof. Takatoshi Ito, University of Tokyo Bloomberg August 2012, 3
  149. ^ Regarding the auction of government short-term securities, the Bank of Japan used the conventional bidding method in December 1998 (constant fixed-rate open balance BOJ underwriting method: the situation where the BOJ underwrites as a result of presenting conditions that deviate from the actual market interest rate and leaving almost all the balance) Again, after a grace period of 12 year, we decided to procure the yen through a full bid at the time of bidding 1 months before the deadline in the city from April 2000. [5][6].. As a result, intervention in the FB market will be sterilized.Money supplyDoes not increasemonetary easingIt was decided that there was no effect. In short, the Bank of Japan used to leave government short-term securitiesSell ​​operationUnless it did, “intervention was unsterilized” (with monetary easing effect), but as of 2012, the Bank of Japan left government short-term securitiesBuy operationIf you don't do it, "intervention is sterilized" (no monetary easing effect) (Yoichi Takahashi "This monetary policy saves the Japanese economy", Kobunsha Shinsho 381,2008 Page 173. ).
  150. ^ [7]"The 21st Century International Monetary System" Kazuo Ueda (Financial Research/December 2002.12, Bank of Japan Institute of Finance)
  151. ^ "How do you think about monetary easing?" Takuro Morinaga Magazine 9 December 2012, 12

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