In the foreign exchange and capital markets, long-term interest rates have risen compared with last month, while the yen's exchange rate against the U.S. dollar and stock prices have been around the same level as last month.
In the foreign exchange and capital markets, long-term interest rates have fallen compared with last month, while the yen's exchange rate against the U.S. dollar and stock prices have been around the same level as last month.
In the foreign exchange and capital markets, against the backdrop of increased global uncertainties stemming from the subprime mortgage problem in the United States, long-term interest rates and stock prices have fallen compared with last month.
In the meantime, in U.S. financial markets, stock prices have bounced back to a level prior to the Lehman shock, and long-term interest rates-- despite rising somewhat-- have generally been hovering at low levels.
In the foreign exchange and capital markets, stock prices have risen compared with last month, while the yen's exchange rate against the U.S. dollar and long-term interest rates have been around the same level as last month.
In the foreign exchange and capital markets, stock prices have fallen compared with last month, while the yen's exchange rate against the U.S. dollar and long-term interest rates have been around the same level as last month.
By contrast, long-term rates remain stable at a low level of around 0.6 percent in Japan despite the rise in long-term interest rates in other economies Chart 13.
Short-term interest rates are close to zero; long-term interest rates are higher, but only because investors expect the zero-rate policy to end some day.
Short-term interest rates are close to zero; long-term interest rates are higher, but only because investors expect the zero-rate policy to end someday.
Such short-run movements in long-term interest rates of a country will basically reflect the recent and prospective developments in the economy and in the interest rate reflecting the Bank's policy.
Although the Bank would be able to affect market sentiment, it would be very difficult to completely control long-term interest rates,since long-term interest rates are affected also by other developments in the economy.
Although long-term interest rates in advanced economies climbed somewhat in the middle of 2003, they have since been holding steady, while the premium rates demanded for emerging economies in financial markets have fallen.
Since the current account balances and JGBs are incomplete substitutes, financial institutions would likely try to increase JGBs again and reduce their current account balances accordingly, leading to a decline in long-term interest rates.
In the foreign exchange and capital markets, the yen's exchange rate against the U.S. dollar has risen compared with last month, while long-term interest rates and stock prices have fallen compared with last month.
In the foreign exchange and capital markets, the yen has appreciated against the U.S. dollar compared with last month, while long-term interest rates and stock prices have fallen compared with last month.
Along with the fall in stock prices, risk avoidance among investors has grown, leading to increased purchases of government bonds and a moderate downward trend in long-term interest rates.
It can be added that Japanese long-term interest rates have been substantially contained despite the rising stock prices and fluctuations in foreign exchange rates since end-2012, given the effects of the increase in the Bank's purchases of JGBs.
In the foreign exchange and capital markets, the yen's exchange rate against the U.S. dollar and stock prices have risen compared with last month, while long-term interest rates have been around the same level as last month.
In the foreign exchange and capital markets, the yen's exchange rate against the U.S. dollar and stock prices are rising somewhat from the previous month, while long-term interest rates are around the same level as last month.
Turning to U.S. and European financial markets, long-term interest rates in the United States increased slightly due partly to the release of stronger-than-expected economic indicators, while in European countries they continued to move at almost the same level as at the time of the previous meeting.
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