ญี่ปุ่นฟื้นจาก liquidity trap แล้ว
โพสต์แล้ว: พฤหัสฯ. มี.ค. 09, 2006 3:03 pm
AP
Bank of Japan Abandons Monetary Policy
Thursday March 9, 1:38 am ET
By Yuri Kageyama, AP Business Writer
Bank of Japan Scraps Montary Policy, Signals Gradual Shift Toward Higher Interest Rates
TOKYO (AP) -- The Bank of Japan on Thursday abandoned five years of super-easy monetary policy, saying it will slowly raise interest rates and start to trim excess cash from the banking system.
The bank left interest rates at zero and sent a clear message that its transition will be gradual. It also promised to continue buying large amounts of government bonds.
Global investors were closely watching for the outcome of the two-day meeting as a shift in policy could potentially crimp Japan's emerging recovery and unsettle global bond and stock markets. U.S. investors have been concerned that higher rates in Japan could also lift rates in the U.S.
The bank's policy-planning board voted 7-1 to end the policy, known as quantitative easing. The bank also said it will continue to closely monitor the economy while it adjusts interest rates.
The central bank also said it expects consumer prices to rise or remain flat. The bank had said it wouldn't alter its policy until consumer prices, which have been falling for about seven years, started to rise again.
The Bank of Japan's super-easy monetary policy was highly unusual because the Federal Reserve and the world's other central banks rely on interest rates to keep an economy in balance, including price fluctuations and growth.
But with interest rates at zero, the Bank of Japan also flooded the banking system with money to spur lending.
Prime Minister Junichiro Koizumi and other politicians have urged the bank to proceed with caution.
Bank of Japan Abandons Monetary Policy
Thursday March 9, 1:38 am ET
By Yuri Kageyama, AP Business Writer
Bank of Japan Scraps Montary Policy, Signals Gradual Shift Toward Higher Interest Rates
TOKYO (AP) -- The Bank of Japan on Thursday abandoned five years of super-easy monetary policy, saying it will slowly raise interest rates and start to trim excess cash from the banking system.
The bank left interest rates at zero and sent a clear message that its transition will be gradual. It also promised to continue buying large amounts of government bonds.
Global investors were closely watching for the outcome of the two-day meeting as a shift in policy could potentially crimp Japan's emerging recovery and unsettle global bond and stock markets. U.S. investors have been concerned that higher rates in Japan could also lift rates in the U.S.
The bank's policy-planning board voted 7-1 to end the policy, known as quantitative easing. The bank also said it will continue to closely monitor the economy while it adjusts interest rates.
The central bank also said it expects consumer prices to rise or remain flat. The bank had said it wouldn't alter its policy until consumer prices, which have been falling for about seven years, started to rise again.
The Bank of Japan's super-easy monetary policy was highly unusual because the Federal Reserve and the world's other central banks rely on interest rates to keep an economy in balance, including price fluctuations and growth.
But with interest rates at zero, the Bank of Japan also flooded the banking system with money to spur lending.
Prime Minister Junichiro Koizumi and other politicians have urged the bank to proceed with caution.
