低利率下的日本利率结构

Japan＇s interest-rate structure under a lowrate policy

从20世纪90年代末开始，日本连续数年实行零利率政策。目前，日本利率远远低于世界上其他经济发达国家。在低利率政策下，日本的利率结构基本呈现无差异的特点，利率在货币政策中的作用大幅下降。分析日本的利率结构，对正确认识并合理构建我国的利率结构，有一定的借鉴意义。

Since the late 1990s, Japan has implemented a zero-rate policy for successive years. At present, Japan＇s interest rate is still far below that of other developed countries. The low-rate policy lessens the role the interest rate plays in monetary policy due to its virtually indistinctive interest-rate structure. Accordingly, analyzing Japan＇s interest-rate structure is conducive to understanding and constructing China＇s interest-rate structure.