英語 での Asset purchase の使用例とその 日本語 への翻訳
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Between November 2008 and June 2012, the FOMC announced or extended a series of asset purchase programs, in each case specifying the expected quantities of assets to be acquired under the program.
A few members remained uncertain about the benefits of the asset purchase program but judged that making changes to the program at this time was not appropriate.
In a late Monday press conference discussing the Power Computing asset purchase, Apple CFO and stand-in leader, Fred Anderson, made it clear that licensing is over as far as Apple is concerned.
In response to the steady economic recovery, the FRB decided to taper(asset purchase reduction) QE3(third round of quantitative easing) in meetings in December 2013 and January 2014.
Also, in the United States, in the period following the Lehman crisis until the introduction of a large-scale asset purchase program-- the so-called"quantitative easing II"-- in November of 2010, unconventional monetary easing measures were implemented four times.
In this regard, taking into consideration the nature of QQE that I mentioned earlier, I think that it will be necessary at some point to examine the option of gradually starting to shift the focus of monetary policy conduct from the asset purchase policy to other policy tools.
I believe that introducing a negative interest rate would be meaningful only when the monetary base target and the asset purchase target are gradually reduced, namely, when tapering is implemented, so I cited this as the reason for my vote against the introduction of a negative interest rate at the January MPM.
The Bank's current asset purchase policy, which continuously increases the amount outstanding of its asset holdings, has the effect, by its nature, that as long as the Bank continues with the purchases, accommodative financial conditions will be strengthened in a cumulative manner as the amount outstanding of its asset holdings increases.
Yet over successive crises in its second decade, a combination of negative interest rates, trillions of euros in cheap loans to banks and a 2.6 trillion euro asset purchase programme dramatically and successfully reined in troubled countries' borrowing costs.
If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase our asset purchase programme in terms of size and/or duration.”.
To address the risk of a prolonged period of low inflation, the European Central Bank(ECB) announced in late January 2015 that it would provide the market with massive liquidity through its expanded asset purchase program1 by purchasing sovereign bonds and other assets from March, and I intend to keep a close eye on the program's transmission effects on the economy and prices.
In fact, the minutes of the FOMC on June 23 and 24 state that"the asset purchase programs were intended to support economic activity by improving market functioning and reducing interest rates on mortgage loans and other long-term credit to households and businesses relative to what they otherwise would have been.
In this regard, the end in autumn 2014 to the Fed's asset purchase program has broadly been incorporated into the markets at this point. In addition, the statement by the Federal Open Market Committee(FOMC) has clarified the view that"it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends.
Voting against the action was Narayana Kocherlakota, who believed that, in light of continued sluggishness in the inflation outlook and the recent slide in market-based measures of longer-term inflation expectations, the Committee should commit to keeping the current target range for the federal funds rate at least until the one-to-two-year ahead inflation outlook has returned to 2 percent and should continue the asset purchase program at its current level.".
Taking these factors into account, if developments in economic activity and prices continue to steadily follow an improving trend, I think that it will be necessary in the future to examine the option of gradually starting to shift the focus of monetary policy conduct from the asset purchase policy to the zero interest rate policy, in view of the role of the two policy tools as well as the balance of their positive effects and side effects.
Taking the Federal Reserve's practice of these two types of policy tools as an example, my understanding is that the Federal Reserve regards the asset purchase policy as a measure to generate upward momentum in economic activity and prices and affect the direction of such momentum under the non-negativity constraint on nominal interest rates, while regarding the interest rate policy as a measure to encourage economic activity and prices to reach desirable levels.
Our asset purchase programme is flexible.
Asset purchase facilities remained unchanged at 435 billion pounds.
At the same time, BOE publishes the amount of asset purchase facility.
The ECB is expected to announce its plans for its asset purchase program.