日本货币政策运行及展望

Abstract:In 2018，the Bank of Japan （BOJ） continued the ultra-loose monetary policy. In April，BOJ deleted the deadline of 2% inflation target，and launched a policy framework for strengthening the ultra-loose monetary policy in July. Under increasingly uncertain international economic situation，Japan is facing issues such as increasing downward expectation of economic cycle and rising consumption tax. In the context of ECB、FED change monetary policy directing to be loose，BOJ policy is characterized by a long-term easing policy. The aim is to raise the inflation expectation and support the economic self-disciplined growth. In the future，the loose monetary policy will face issues such as inadequate liquidity in the public debt market，lower profitability of financial institutions，and policy exit risk.

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