日本超宽松货币政策的历程、效果及启示

日本央行提前启动了开放式资产购买措施，显示了尽快实现2％通胀目标的决心，但其会否重蹈历史的覆辙，还是会一举扭转日本经济长期的窘境，值得关注。文章在梳理日本央行长期实施超宽松政策历程的基础上，分析日本超宽松政策的效果，探究其陷入“流动性陷阱”的原因，并从中总结实施超宽松货币政策的经验和教训，以便能更好地理解货币宽松政策的传导机制、效果与局限性。

Japan＇s unconventional easing monetary policy operations and implications

The Bank of Japan launched the open-ended assets purchasing measures in advance and showed its efforts to realize the 2% inflation target as soon as possible. However, it is noteworthy that whether this will repeat the history or change the long-term difficulties of Japanese economy. After reviewing the history of the long-term unconventional easing monetary policy by the Bank of Japan, the article analyzes its effects, explores the reasons for Japan＇s falling into the ＂liquidity trap＂, and summarizes the experience and lessons for implementing unconventional easing monetary policy, so as to better understand the transmission mechanism, effects and restriction of the easing monetary policies.