英語 での Additional monetary easing の使用例とその 日本語 への翻訳
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The ECB is contemplating additional monetary easing measures.
Japan will avoid recession, thanks to postponement of consumption tax rate hike,big supplementary budgets and additional monetary easing.
The third point is the impact of additional monetary easing by the ECB on the global financial markets.
Interest rates on terminstruments are declining on the whole reflecting additional monetary easing measures.
At the same time, not a few members acknowledged that an additional monetary easing might become an appropriate policy option depending on future developments.
Moreover, the impact of the recession on various policy responses such as the consumption tax hike,economic stimulus measures, and additional monetary easing is drawing much attention.
As is indicated by these measures,not only"a negative interest rate" but additional monetary easing in terms of"quantity" and"quality" dimensions will naturally remain a policy option.
A different member remarked that the Bank should be prepared for changes in the economic situation even thoughthere was little room for an additional monetary easing.
Euro area grows around 1.5%, thanks to additional monetary easing by ECB.
Nevertheless, both long- and short-term interest rates declined slightly as a whole,which seemingly indicates that some market participants anticipated additional monetary easing.
Members exchanged views about the effects of the additional monetary easing measure decided in January.
Of course, due to some shocks, when the outlook turns out to be weaker than expected or the risk associated with it intensifies,the Bank will not hesitate to implement additional monetary easing.
This was a way, when we faced the zero constraint on nominal interest rates,to produce an additional monetary easing effect by intentionally sacrificing the flexibility of policymaking.
If the virtuous cycle of income to spending ceases to operate, with employment deteriorating, consequently undermining the mechanism through which prices trend upward,I think that the Bank should implement additional monetary easing without any hesitation.
In relation to the Bank's policy options for additional monetary easing, some members commented on the effects of the financial system problem on the conduct of monetary policy.
If these risks materialize,I think that the Bank should implement additional monetary easing without any hesitation.
While the current measures may superficially be called additional monetary easing, in reality they strongly resemble the yield curve control(YCC) introduced in September 2016, which was the starting point of de-facto normalization.
In this instance, it is used as communication strategy for a central bank at the zero lower bound andalso as a deliberate additional monetary easing measure, by shifting from the normal policy reaction function.
Assuming that additional monetary easing measures are introduced in FY2017, including an increase in the amount for ETF purchases and lowering the policy interest rate to a negative level, the economy will mark 1.5% growth by FY2018 and the deflationary gap will be eliminated.
A few other members were of the view that,with little room left for additional monetary easing, it was necessary to consider carefully the effect of the slightest policy change.
In that case, it is necessary to understand that it would be quite difficult to stop the deterioration of the economy through domestic policy measures such as postponement of the consumption tax hike,introduction of economic stimulus measures, and additional monetary easing.
If the risks I explained earlier were to materialize,I think it would be necessary to implement additional monetary easing without delay through quantitative, qualitative, and interest rate policy measures.
Fed Chairman Bernanke, regarding the recently-decided additional monetary easing through large-scale purchases of longer-term Treasury securities, stated that the use of the term quantitative easing to refer to the policy was inappropriate, explaining that the aim was to achieve more accommodative financial conditions by lowering interest rates on securities of longer maturities.
As for the recent economic situation,household and business sentiment has improved due in part to additional monetary easing by the European Central Bank(ECB), with financial markets being stable.
On this basis, most members expressed the view that,given that the Bank had taken additional monetary easing measures in December 2001 fully taking into account economic and financial developments, the Bank should(1) maintain the current guideline for money market operations and promote stability of financial markets through provision of ample funds, and(2) examine how the significant increase in the outstanding balance of current accounts at the Bank would affect developments in financial institutions' behavior and financial markets.
Interest rates on term instruments were declining on the whole reflecting widespread confidence in financial institutions' funding beyond the end of the calendar andfiscal year due to the Bank's additional monetary easing measures decided at the previous meeting. Three-month Euro-yen rates maturing beyond the fiscal year-end were extremely low at around 0.1 percent, although they strengthened slightly.
With the economy weakening somewhat,the Bank judged it appropriate to undertake additional monetary easing and at the Monetary Policy Meeting on October 30 decided to further enhance its monetary easing for the second month in a row, which I will elaborate on shortly with regard to the policy decisions.
Counter to these opinions, one member said that, since monetary easing effects could wane over time, in order to achieve the price stability target at an early stage,it was necessary for the Bank to conduct additional monetary easing and thereby, together with the government, support the positive changes in behavior among firms and households, rather than to maintain short- and long-term interest rates at certain levels for a long period.
Many members commented on increasing outright purchases of JGBs and purchasing nontraditional assets,both of which were often raised as additional monetary easing measures the Bank could take. One member said that, before launching into a debate on this issue, it should be made clear whether the objective of these policy options was solely to increase the outstanding balance of current accounts at the Bank or to directly influence asset prices.