摘要
为应对长期通货紧缩困境,日本银行在试错中不断实践金融创新。在自然利率水平低、国债购买接近上限等背景下,2016年1月日本银行实施负利率政策,将商业银行在日本银行经常账户存款分为三个层级,分别适用正利率、零利率和负利率。政策实行后,长期国债收益率转为负值,收益率曲线平坦,金融机构盈利空间收窄,金融体系风险加剧。在对量化、质化宽松政策进行全面评估及检验基础上,同年9月日本银行再次大胆尝试,推出以长、短期利率为操作目标的量化、质化宽松货币政策,在继续维持负利率政策的同时调控长期国债利率,此举使作用于总需求的短期非传统宽松货币政策演变为一场持久战。
In dealing with the difficuhies of the long - term deflation, the Bank of Japan （BOJ） has been in the constant practice of financial innovation. Under the background of low natural interest rate and the limit of the ceiling of government bond purchase, in January 2016, BOJ implemented the policy of Quantitative and Qualitative Monetary Easing with a Negative Interest Rate （ QQEN）, which means the outstanding balance of each financial institution＇ s current account at BOJ will be divided into three tiers, to each of which a positive interest rate, a zero interest rate, and a negative interest rate. Under the policy, 10- year government bonds yields turned to negative, with the flat yield curves made financial institution＇ s profit margins narrowing and the financial system risk rising. On the basis of comprehensive assessment of QQE, in September 2016, BOJ launched a new framework for strengthening monetary easing, namely ＂Quantitative and Qualitative Monetary Easing with Yield Curve Control＂, while continuing to maintain a negative interest rate policy, BOJ controls the long- term government bonds interest rates, which has effects on unconbentinal easing monetary policy supporting aggregate demand for short - term turned into a long game. At the same time.
出处
《日本学刊》
CSSCI
北大核心
2016年第6期38-63,共26页
Japanese Studies
