英語 での Quantitative monetary easing の使用例とその 日本語 への翻訳
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The policy of quantitative monetary easing introduced in March 2001 has.
Since the Lehman crisis the centralbanks have been carrying out so-called quantitative monetary easing.
I believe that the objective of the quantitative monetary easing policy changed with the times.
The Bank has provided liquidity in a flexible and proactive manner in response tovarious cases of rising uncertainty under the framework of quantitative monetary easing.
The change in the quantitative monetary easing framework is only little more than one step in the process of monetary policy normalization.
This often refers to the exit timings of the zerointerest rate policy in August 2000 and quantitative monetary easing in March 2006.
The official name is a"qualitative and quantitative monetary easing policy with the long-term interest rate operation(yield curve control)".
One member expressed the opinion that the recent rise in stock prices was led by foreign investors whobelieved that the Bank had decided to implement quantitative monetary easing.
In particular,we focus on the effects of the zero interest rate commitment and of quantitative monetary easing on medium- to long-term interest rates in Japan.
Based on this analysis, I had been proposing at MPMs since April 2005 that the Bank reduce its current account balance step by step by around3 to 5 trillion yen while maintaining the quantitative monetary easing framework.
Several years ago, when Japan was implementing its quantitative monetary easing policy, there were criticisms from Asian colleagues that such a policy was promoting carry trades.
Although the results may not be entirely predictable, I believe that people's expectations can be changed if a target for price stability is adopted andfurther quantitative monetary easing measures are implemented.
The Bank had beenproviding ample liquidity to financial institutions under the quantitative monetary easing framework since March 2001, but this had not stimulated the flow of funds in the economy.
The government would also like the Bank to devise ways of improving communication with the market,so as not to undermine its confidence that the Bank would maintain the quantitative monetary easing policy for some time.
First, with a view to pursuing the quantitative monetary easing, the Bank decided to change the main operating target for money market operations from the uncollateralized overnight call rate to the monetary base.
If the economic situation in March 2001 had been as it is at present, with a stable financial system and core CPI growth of around zero,I believe that the Bank never would have employed a quantitative monetary easing policy.
One member expressed the view that the full-scale quantitative monetary easing since September 2001 had had positive effects on financial markets, such as the foreign exchange market, and also on the growth of the money stock M2+CDs.
Moreover, there are deep-rooted views that exiting accommodative monetary policies in the past-- for example, the Zero interest ratepolicy in August 2000 and Quantitative monetary easing in March 2006-- was too early.
For the effects of quantitative monetary easing to reach every corner of the corporate and household sectors, credit should be extended either by banks and other financial services providers, or through financial markets, not only widely but also effectively.
Following the introduction of the price stability target of 2 percent andthe launch of Qualitative and Quantitative Monetary Easing in early 2013, inflation expectations rose until early 2015, but have not yet been anchored to the target.
Governor Masaru Hayami and the staff had been committed to the maintenance of price stability and sound economic development since the enforcement of the new Bank of Japan Law. They had implemented unprecedented monetary policy measuressuch as the zero interest rate policy and the quantitative monetary easing policy.
One member stressed that, for the effects of quantitative monetary easing measures to permeate throughout the economy, top priority should be given to encouraging recovery of the financial intermediary function of banks by accelerating the disposal of nonperforming loans NPLs.
The reason for this appears to be the shared concern,based on the experience of Japan's zero interest rate and quantitative monetary easing policies, that if the key policy interest rate is lowered to zero, this may impede the functioning of the money market, making it difficult to exit smoothly from unconventional monetary policies.
The quantitative monetary easing policy represented a commitment by the Bank that it would not alter its unprecedented policy framework until the year-on-year rate of change in the CPI(excluding fresh food) registered zero percent or higher on a sustainable basis. Slowly but surely, the consensus forecast for JGB yields tended to be based on an assumption that short-term interest rates would be maintained at zero for an extremely prolonged period.
The features of this new monetary policy measure are as follows. First,with a view to pursuing quantitative monetary easing, the Bank changed the main operating target for money market operations from the uncollateralized overnight call rate to the monetary base, which is the total amount of money the Bank directly supplies to the economy.
With a view to pursuing quantitative monetary easing, the main operating target for money market operations was changed from the uncollateralized overnight call rate to the monetary base. The Bank decided to"conduct money market operations, so that the monetary base will increase at an annual pace of about 60-70 trillion yen.
First, with a view to pursuing quantitative monetary easing, the Bank changed the main operating target for money market operations from the uncollateralized overnight call rate to the monetary base, which is the sum of banknotes in circulation, coins in circulation, and current account deposits held by financial institutions at the Bank.
Concretely, with a view to pursuing quantitative monetary easing, the Bank decided to change the main operating target for money market operations from the uncollateralized overnight call rate(i.e., interest rates) to the monetary base(i.e., quantity) and conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen.
First, with a view to pursuing quantitative monetary easing, the Bank decided to increase the monetary base-- which is the total amount of currency it directly supplies to the economy(the sum of banknotes in circulation, coins in circulation, and current account deposits held by financial institutions at the Bank)-- at an annual pace of about 60-70 trillion yen, thus doubling it in two years.
First, with a view to pursuing quantitative monetary easing, the Bank decided to increase the monetary base-- which is the total amount of currency it directly supplies to the economy(the sum of banknotes in circulation, coins in circulation, and current account deposits held by financial institutions at the Bank)-- at an annual pace of about 60-70 trillion yen, thus doubling it in two years.