剛出的消息 , 以下
The Bank of Japan has adopted negative interest rates in their first benchmark rate move in five years, but has also chosen not to expand its quantitative and qualitative easing programme beyond its current level of buying Y80tn assets a year.
The BoJ has adopted a benchmark rate of -0.1 per cent, from a previous level of 0.1 per cent. It is the first time they have moved interest rates since October 2010.
The call was a narrow one: the decision to introduce a negative rate was the result of a 5-4 majority vote.
The BoJ also indicated it has not ruled out further imminent easing, saying “it] will cut the interest rate further into negative territory if judged as necessary.”
The BoJ said the motivation was the desire to reach its 2 per cent inflation target “at the earliest possible time.” The timeframe for reaching that was delayed again today: originally hoped for in 2015 when it was announced in 2013, last October it was pushed back to late 2016/early 2017. Today a further delay of up to a year was announced.
The BoJ stuck with its language saying theJapanese economy “has continued to recover moderately” but noted recent market volatility and declines in crude oil prices are weighing on any hope of inflation. For these reasons the “conversion of the deflationary mindset might be delayed,” it said.
Most economists had expected the BoJ to stay on the same course, although investors are looking to central banks for additional support given falling stock prices. Deflationary pressures – largely energy-related, as oil prices remain low – and the risks they pose to the BoJ’s inflation expectations are consistently cited as a likely motive for further easing.
In December the BoJ tweaked policy slightly when it announced it would extend the average maturity of government bonds in its portfolio – an effort to flatten out the yield curve – and also announced a new ETF purchase programme. The BoJ said it would extend the average maturity of its government bond holdings to 7 – 12 years, from 7-10 years, and also established a programme to purchase ETFs at an annual pace of about Y300bn yen, in addition to the current programme in which it buys about Y3tn of ETFs. The new scheme will begin in April.
2016-01-29 12:16 #1