日本量化质化宽松货币政策效果及原因分析

An Analysis of the Effects and Reasons of QQE of Bank of Japan

面对日本长期通货紧缩与经济增长乏力,日本央行开启量化质化宽松货币政策:日本央行持续大肆增加基础货币的投放,大胆采取负利率政策,实施收益率曲线控制,引导社会公众预期。政策实施以来,通胀目标时限一再推迟,政策虽在短期内改善了经济形势,但又受到全球金融市场及外国政策的干扰。究其原因,货币政策传导机制不畅、企业部门缺乏稳定预期、少子老龄化及财政货币政策相互掣肘等因素均影响了货币政策的经济效果。

Faced with Japan’s long-term deflation and weak economic growth, the Bank of Japan initiated QQE: the Bank of Japan continued to increase base currency, adopted negative interes tratepolicy, implemented yield curve control, and guided public expectations. Since the implementation of the policy, the time limit of inflation target has been delayed repeatedly. Although the policy improves the economic situation in the short term, it is also interfered by the global market and other countries’ policies. The poor transmission mechanism of monetary policy, the lack of stable expectations, aging population with fewer children, and the mutual restriction of fiscal and monetary policies all affect the economic effect of monetary policy.