日本结束量化宽松货币政策的影响分析

2006年3月9日,日本银行宣布终止实行了5年之久的“量化宽松”政策。朝最终升息跨出了第一步,原因是日本经济从2005年起出现了比较明显的好转,如果再继续实行超宽松的货币政策有可能引发通胀。日本央行这次顶住了政府压力做出改变货币政策的决定, 凸现其独立性进一步提高。在目前状况下日本货币政策的改变对日本经济和全球经济都具有积极影响,对资金流动和金融市场的影响更大,尤其是将提高日本金融市场的吸引力。

An Analysis of Impacts of Ending Expansionary Monetary Policy in Japan

Bank of Japan declared to stop its quantitative ease policy at March 9th, 2006, a signal of the further tightening. The policy change should be due to the positive performance of the Japanese Economy in recent years and the concern of the inflation. The independence of the BOJ was a highlighted point in this action for the failure of the pressure from the government. The policy change was a good news not only to the Japan but also to the rest of the world, especially will have important effects on financial markets and the capital flows poised to a more attractive Japanese assets.