Centralna banka Japana (BoJ) je nastavila sa politikom kvantitativnog i kvalitativnog monetarnog ublažavanja (QQE) sa kontrolom krive prinosa, primenjujući negativnu kamatnu stopu od -0,1%, s ciljem da postigne cilj stabilnosti cena od 2%, sve dok to bude neophodno!!! Jen gubi na vrednosti u odnosu na US dolar (više od petine svoje vrednosti – najniži nivo od 1990), što je rezultat nižih kamatnih stopa (manje privlačno za investitore) u odnosu na agresivno podizanje glavnu kamatne stope FED-a – sa 0,25% na 3,25% – u borbi sa rastućim troškovima života. BoJ nastavlja sa širenjem monetarne baze sve dok međugodišnja stopa rasta CPI (bez sveže hrane) ne pređe 2% i ostane iznad cilja na stabilan način. Uz pažljivo praćenje uticaja COVID-19, BoJ će podržavati finansiranje, uglavnom firmi, i održavati stabilnost na finansijskim tržištima, i neće oklevati da preduzme dodatne mere ublažavanja ako bude potrebno; takođe očekuje da kratkoročne i dugoročne kamatne stope ostanu na sadašnjem ili nižem nivou. Kod operacija na otvorenom tržištu BoJ će u kratkom roku primeniti negativnu kamatnu stopu od -0,1% na tekućim računima finansijskih institucija, dok će u dugom roku kupovati neophodnu količinu japanskih državnih obveznica (JGB) bez postavljanja gornje granice (desetogodišnji prinosi ostati na oko 0%). BoJ će ponuditi kupovinu 10-godišnjih JGB-a po ceni od 0,25% svakog radnog dana kroz operacije kupovine po fiksnoj stopi. Takođe, BoJ će kupovati fondove kojima se trguje na berzi (ETF) i japanske investicione fondove za nekretnine (J-REIT) po potrebi sa gornjim granicama od oko 12 biliona jena i oko 180 milijardi jena, respektivno, uz godišnji tempo povećanja iznosa. BoJ će kupovati CP i korporativne obveznice istim tempom kao i pre pandemije COVID-19, tako da će se njihovi neizmireni iznosi postepeno vratiti na nivoe pre pandemije, odnosno oko 2 triliona jena za CP i oko 3 triliona jena za korporativne obveznice.
Monetary Policy : 日本銀行 Bank of Japan
The Bank of Japan (BoJ) has continued its policy of Quantitative and Qualitative Monetary Easing (QQE) with yield curve control, applying a negative interest rate of -0.1%, with the aim of achieving the price stability target of 2%, for as long as necessary!!! The yen is losing value against the US dollar (more than a fifth of its value – the lowest level since 1990), which is the result of lower interest rates (less attractive for investors) compared to the aggressive raising of the Fed’s main interest rate – from 0.25% to 3.25% – in the fight against the rising cost of living. The BoJ continues to expand the monetary base until the year-on-year growth rate of CPI (excluding fresh food) exceeds 2% and remains above the target in a stable manner. While closely monitoring the impact of COVID-19, the BoJ will support financing, mainly to firms, and maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary; also expects short-term and long-term interest rates to remain at current levels or lower. In open market operations, the BoJ will apply a negative interest rate of -0.1% on current accounts of financial institutions in the short term, while in the long term it will buy the necessary amount of Japanese government bonds (JGB) without setting a ceiling (ten-year yields remain at around 0%). The BoJ will offer to buy 10-year JGBs at a price of 0.25% every business day through fixed rate purchase operations. Also, the BoJ will buy exchange-traded funds (ETFs) and Japanese real estate investment trusts (J-REITs) as needed with upper limits of about 12 trillion yen and about 180 billion yen, respectively, with an annual pace of increasing amounts. The BoJ will buy CP and corporate bonds at the same pace as before the COVID-19 pandemic, so that their outstanding amounts will gradually return to pre-pandemic levels, i.e. around 2 trillion yen for CP and around 3 trillion yen for corporate bonds.