安倍经济学“第一支箭”：进程、效果及课题

Abstract:After the first arrow of Abenomics was approved，judging from the policy path of Japanese bank，long-term interest rates remain extremely low levels，economic agents’ expectation becomes changing，but the asset rebalance effect has not been realized. Japanese economy has long-term structural problem and institutional restriction，so deflation can not be solved only depending on easing monetary policy. Monetary policy is facing some issues，such as depreciation of Yen brings negative effects on prices，BOJ marginally increases bonds holdings may be cause monetization of fiscal deficits，problem between rising prices and lower wages，risk of exit from easing policy. In order to offset the economic downtown risk from increasing consumption tax，in 2014，BOJ will take further easing policy to push the prices up.

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