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Economic policies are diverging in the developed world as deflation looms
Nov 8th 2014 |
CENTRAL banks in the developed world are no longer acting in tandem.When the financial crisis broke in 2007-08,most banks eased monetary policy significantly.But in late October,two days after the Federal Reserve ceased its third programme of asset purchases,the Bank of Japan stepped up its bond-buying.This divergence seems likely to have a big effect in the medium term,not least in the currency markets.
The Bank of Japan said it was expanding its programme of asset purchases (known as quantitative easing,or QE) from ¥60-70 trillion to ¥80 trillion ($700 billion) a year.Its aim is to ward off deflation,a persistent problem over the past 20 years.The Tokyo stockmarket jumped sharply on the news but the biggest economic impact may be on the exchange rate.The yen fell more than 2% against the dollar on the day of the announcement—a big move by currency-market standards—a

提问时间:2020-11-22

答案
通货紧缩凸显,发达国家经济政策迥异
2014年11月8日
发达国家的央行不再步调一致.当2007~08年金融危机爆发后,大部分央行都实施了明显宽松的货币政策.然而10月下旬,就在美联储停止其第三轮资产回购后,日本央行却加紧回购债券.这种分歧看起来不仅仅影响短期汇市,预计还会在中期造成巨大影响.
日本央行称,正在将其资产回购项目(即量化宽松政策,简称QE)从每年60~70万亿日元的规模扩充至每年80万亿日元(约合7万亿美元)的规模.日本央行意在防范通货紧缩,而这是困扰日本过去二十年之根本.东京股市对此消息反应热烈,激涨飘红;但经济方面最大的影响恐怕还是在汇率方面.宣布该消息的当天,日元对美元汇率应声下跌2%——按汇市标准而言属于相当大的变动——并于11月3日创日元对美元汇率七年来的新低.
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