日本非传统货币政策与金融市场分析  被引量:1

Japan's Unconventional Monetary Policy and Financial Market Analysis

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作  者:富晨 Fu Chen

机构地区:[1]辽宁大学国际关系学院

出  处:《日本研究》2018年第1期28-34,共7页Japan Studies

摘  要:自2013年以来,日本银行实施了前所未有的量化质化宽松货币政策和负利率政策,力图实现金融体系的稳定和消除通货紧缩。这种非传统的大力度的货币政策,首先直接对金融市场产生很大的影响,继而扩展到整个经济领域。在上述政策背景下日本金融市场的走势,既有积极的动向,也有与政策目标不相符合的,这期间日本信贷市场、外汇市场、股票债券市场的走势,反映了五年来日本金融的发展概况,同时也为分析这一时期日本货币政策效果及思考货币政策的合理方式提供了基础。During the period of Shinzo Abe in power from 2013 to 2017 in Japan, the Bank of Japan has launched an unprecedented quantitative qualitative easing monetary policy(QQE) and a negative interest rate policy, trying to achieve the stability of the financial system and the elimination of deflation. This unconventional monetary policy, first and foremost, has a direct impact on financial markets and then extends to the entire economy. Under the background of the policy, not only positive trend but also one not associated with the target of policy exists in Japan's financial markets. It reflects the developing situation of Japan's finance in the past 5 years through the analysis of Japan's credit market, foreign exchange market, stocks and bonds market, which also provide the basis for analyzing the efficiency of Japan's monetary policy and thinking about the rational way of monetary policy during the period.

关 键 词:量化质化宽松货币政策(QQE) 负利率政策 日元美元汇率 

分 类 号:F833[经济管理—金融学] F837

 

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