日本货币政策与金融体系潜在风险分析
文章摘要:2017年,日本银行继续坚持2%的通胀目标,维持超宽松货币政策。在大规模宽松政策的作用下,日本经济已不处于通缩状态,但这并不意味着日本彻底摆脱了长期通缩困境。在负利率及长短期利率操作下,各期限收益率曲线均处于超低水平,以利差收益为核心的金融机构盈利水平降低,地方金融机构经营形势严峻,金融体系潜在风险加大。今后,日本政策当局将更加关注金融体系潜在脆弱性,金融机构将更加注重结构性调整,提高盈利水平和竞争力。2017年、日本銀行は2%インフレ目標を目指... 展开
Abstract:In 2017,Bank of Japan sticks to the 2% inflation target and maintains its ultra-loose monetary policy. As the result,Japan’s economy is no longer in deflation,which,meanwhile,does not mean that Japan has completely got rid of the long-term deflationary dilemma. Under the negative interest rate and yield curve control,the various yields rate are extremely low. With loan-deposit interest spreads becomes narrowed,the financial in... 展开