Japan maintains a super loose monetary policy to make the financial market under pressure

Although the central banks such as the United States and other countries raised interest rates a few days ago, the Bank of Japan still announced on the 17th that it continued to adhere to the current super loose monetary policy and maintained interest rates. This decision has put pressure on the financial market, and the Bank of Japan stated that it will pay close attention to the trend of the financial market and its impact on the economy.

After the two -day monetary policy meeting ended on the 17th, the Bank of Japan issued an announcement saying that the central bank continued to maintain a short -term interest rate of 0.1%and purchased long -term government bonds to maintain long -term interest rates around zero.

The Bank of Japan maintains a super loose monetary policy, mainly to promote economic recovery. Compared with other major economies, the Japanese economic recovery momentum is obviously insufficient. In 2021, the Japanese economy turned to a slow expansion after shrinking for two consecutive years, but the rebound of the epidemic in the first quarter of this year affected the decline in the reproduction of the Japanese economy.

After the meeting of the President of the Bank of Japan, Kuroda Toya said at the press conference that due to the impact of the new crown epidemic, the supply side of the Japanese economy still continued, and the production and exports were affected to some exports. The continued high price of international commodities has also caused Japan's economy. In order to support the continuous recovery of the Japanese economy, the central bank will continue to adhere to the 2%inflation target, maintain the super loose monetary policy, and pay close attention to the impact of domestic and foreign factors on the Japanese economy. If necessary, it will not hesitate to launch further loose measures.

Recently, some countries have accelerated the pace of monetary policy due to rising inflation pressure. The Federal Reserve announced on the 15th that the 75 -basis point of interest rate hikes was the maximum interest rate hike since the Fed since 1994. The intensive interest rate hike news and expectations of the European and American central banks have fluctuated recently in the Japanese financial market.

In the Tokyo foreign exchange market, the devaluation pressure of the yen has increased. The yen's exchange rate against the US dollar once reached 135.6 yen for $ 1 for the 15th, setting the lowest level since October 1998.

The Japanese stock market is also under pressure. Investors holding high -growth stocks pay close attention to the US debt market. One week before the Fed announced the rate of interest rate hikes 75 basis points, due to the rapid rise in the long -term national bond yield of the United States, the Tokyo stock market fell sharply for 4 consecutive trading days, and the Japanese stock index fell nearly 2,000 points.

In the bond market, the pressure on the selling of Japanese Treasury bonds is also increasing. Although the People's Bank of China is performing fixed interest rates unlimited debt purchase operation every day, the yield of government bonds has repeatedly broke the central bank's control goals many times.

Some experts explain to the Bank of Japan to maintain a super loose monetary policy. Hakayana, a folk representative of the Japanese Cabinet House Economic and Financial Consultation Conference and Vice President of the Global Marketing Department of Paris Securities, pointed out that the Bank of Japan does be under tremendous pressure, but if it is easy to change the long -term persistence of super loose monetary policy, it may destroy the market's trust in the central bank. At the same time, a sharp interest rate hike in Europe and the United States may cause economic stalls in the second half of the year and fall into a "stagflation" state. The choice of the Bank of Japan is very difficult, but it will continue.

Xinhua News Agency reporter Liu Chunyan

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