日本经济与货币政策将走向何方？

Economic Activity, Prices, and Monetary Policy in Japan

随着全球经济转暖,日本经济也呈现出复苏态势。近年来,日本央行以实现并保持物价稳定为目标,以2%为目标通胀率,采用激进的货币宽松政策,使用收益率曲线管理下的QQE的货币政策刺激经济发展。在当美国进入加息通道、欧洲逐步退出量化宽松的背景下,日本对超宽松货币政策的转向需要十分谨慎,应全面考虑其对经济发展和物价稳定的影响,防止日本经济重新落入通缩均衡。

Japan＇s economy has been on a gradual recovery, benefiting from global economic gains, In recent years, the Bank of Japan has focused its sights on maintaining price stability and has set an inflation target of 2%. It has adopted a radically loose monetary policy, employing quantitative and qualitative easing as it uses a managed yield curve to stimulate economic development. Against a backdrop of rising U.S. interest rates and a withdrawal from quantitative easing by the European Central Bank, Japan should proceed cautiously with its use of ultra-loose monetary policy. Japan needs to fully consider the impact on economic development and price stability and prevent the domestic economy from slipping into a deflationary equilibrium.