As a result, accommodative financial conditions have been realized in Japan, as seen in, for example, the fact that long-term interest rates since the 2000s had generally been at a low level of around 1-2 percent and that the rates during the one year before Quantitative and Qualitative Monetary Easing(QQE) began in 2013 were around 0.8 percent on average.
At the Monetary Policy Meeting(MPM) held in January 2013, the Bank made a commitment to achieving the price stability target of 2 percent in terms of the year-on-year rate of change in the CPI at the earliest possible time, and in April of that year, it decided to introduce Quantitative and Qualitative Monetary Easing(QQE) as a necessary measure to underpin this commitment.
In January 2013, the Bank announced that it would aim to achieve the price stability target of 2 percent in terms of the year-on-year rate of change in the CPI at the earliest possible time, and in April of that year, it decided to introduce Quantitative and Qualitative Monetary Easing(QQE) as a necessary measure to underpin this commitment.
As the Bank steadily pursues quantitative and qualitative monetary easing(QQE), which was expanded on October 31, 2014, upward pressure on nominal long-term interest rates will likely be contained and asset prices accordingly will be underpinned, together with improvements in fundamentals such as the accelerating pace of recovery in the U. S.
In response, at the Monetary Policy Meeting held on April 3 and 4, the Bank of Japan made a clear commitment to achieving a 2 percent price stability target at the earliest possible time, with a time horizon of about two years, and introduced a new phase of"quantitative and qualitative monetary easing"(QQE) to underpin that commitment.
The current economic recovery phase likely has lasted for six years already, which mostly overlaps with the period of quantitative and qualitative monetary easing(QQE) that the Bank introduced in April 2013, and this month its duration is expected to be the same as the longest post-war recovery phase in the mid-2000s(Chart 1).2 I would like to point out two characteristics of the current prolonged economic recovery, as follows.
The Bank currently adopts the policy framework of"Quantitative and Qualitative Monetary Easing(QQE) with Yield Curve Control."Under the framework, it sets the short-term policy interest rate at minus 0.1 percent and the target level of 10-year JGB yields at around zero percent, and has conducted purchases of Japanese government bonds(JGBs) in the market so that the yield curve would be formed in line with this guideline Chart 11.
月日銀が「マイナス金利付き量的・質的金融緩和」を導入。
JAN BOJ introduces"Quantitative and Qualitative Monetary Easing with a Negative Interest Rate.
長短金利操作付き量的・質的金融緩和」とはどのようなものですか?
What is Quantitative and Qualitative Monetary Easing(QQE) with Yield Curve Control?
長短金利操作付き量的・質的金融緩和」とはどのようなものですか?
What is Quantitative and Qualitative Monetary Easing with a Negative Interest Rate?
日本銀行[2014『「量的・質的金融緩和」の拡大』。
Bank of Japan(2014),"Expansion of the Quantitative and Qualitative Monetary Easing".
こうした思いから、4月に「量的・質的金融緩和」という新しい政策を導入しました。
Reflecting my determination, the new policy of quantitative and qualitative monetary easing(QQE) was introduced in April.
本日は、先週決定した「量的・質的金融緩和」についてお話しします。
Today, I would like to explain the"Quantitative and Qualitative Monetary Easing" that we decided to embark on last week.
日本銀行は、早期のデフレ脱却を目指し、昨年4月に「量的・質的金融緩和」を導入しました。
The Bank of Japan, aiming at overcoming deflation at the earliest possible time, introduced quantitative and qualitative monetary easing(QQE) last April.
日本銀行は、早期のデフレ脱却を目指し、本年4月に「量的・質的金融緩和」を導入しました。
The Bank of Japan, with the aim of overcoming deflation at the earliest possible time, introduced quantitative and qualitative monetary easing(QQE) in April this year.
At present, the Bank of Japan is pursuing powerful monetary easing under the framework of quantitative and qualitative monetary easing(QQE), with a view to achieving the price stability target of 2 percent.
After quantitative and qualitative monetary easing was introduced and in the process of the market digesting its contents, there have been rises in the volatility of government bond yields.
Quantitative and qualitative monetary easing(QQE) QQE, which the Bank continues to pursue, has entered the third year since its introduction in April 2013.
In order to make a breakthrough in this situation, the Bank introduced quantitative and qualitative monetary easing(QQE) in April 2013, embarking on unprecedentedly powerful monetary easing..
As for the Bank of Japan's"Quantitative and Qualitative Monetary Easing" policy, even the G20 has confirmed its understanding of this policy being intended as a means for halting deflation and supporting domestic demand.
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