日本超金融缓和政策的长期实施及解除

Japan’s Ultra-loose Monetary Policies: the Long-term Adoption and the Deregulation

零利率和缓和货币数量是日本治理通货紧缩的两项超金融缓和政策。通过这两项政策的长期实行和慎重解除,日本的金融市场保持稳定,个人消费有所改善,景气得以持续恢复,使结束通货紧缩进入临终阶段。日本实行和解除零利率、缓和货币数量政策的经验,值得借鉴。

The zero interest rates and the loose money supply had been used to control Japan＇s deflation. Both of the long-term adoption and the discreet termination of these two policies help to terminate the deflation, with the financial markets being stabilized, the family consumption being increased and the macro prosperity being sustained. Japan＇s experience in the adoption and deregulation of the ultra-loose monetary policies may offer some thoughtful implications.