Global connection | Fed's monetary policy spilling effect deepen Japanese economic dilemma

Xinhua News Agency, Tokyo, September 6th. The latest survey of Japanese civil institutions shows that price increases will exceed 18,000. It is also reported that a large -scale price increase will not start in September. Since the second half of last year, the price of energy and resource commodities in international markets has continued to rise, which led to a significant increase in import prices in Japan, and consumer prices have risen rapidly.

The media and experts here generally believe that Japan is facing input -type inflation, the root cause is that the price of imported goods has risen sharply, and the Fed's continuous radical rate hikes have caused the sharp depreciation of the yen to promote the price increase. An important reason. Bloomberg reported that the United States exported inflation to the world through interest rate hikes.

As of July this year, Japan's core consumer price index has risen for 11 consecutive months. Most of the Japanese people complained when interviews with Xinhua News Agency on the streets: food price increases are the most obvious, and the number of meals has decreased. More often, they eat at home. In addition, there is no other way.

The significant rise in energy prices is the main reason why various industries raise prices. According to the statistical report of the General Affairs Affairs, Japan's electricity bills rose 19.6%year -on -year, pipeline natural gas rose 18.8%, and kerosene and other rose 19.6%. The price increase of food in the month was more prominent than before, and the prices of imported beef and ordinary bread increased by more than 12%.

Since the beginning of this year, the Fed has repeatedly accelerated the pace of monetary policy. The Bank of Japan has been trapped in the reality of weak domestic demand and weak economic recovery. It has been forced to adhere to the super loose monetary policy. The difference between the central and American central bank's monetary policy has caused the yen exchange rate to plummet. On September 2nd, the exchange rate of the yen to the US dollar had fallen from 115 yen at the beginning of the year to the 140 yen range, refreshing the 24 -year low. The depreciation of the yen years exceeded 20%, and the complaints of Japanese folks' complaints on the devaluation of the yen continued to rise.

The sharp depreciation of the yen further enlarged the impact of the rise in international commodities on the Japanese economy. According to the data released by the Bank of Japan, the prices of Japanese companies have risen year -on -year due to the continued soaring price of imported goods. rise. In the month, if the price of the enterprise was calculated by the yen, the price increased by 48%year -on -year.

A vegetable and fruit shop owner in Tokyo told reporters that many products in the store are imported, and the price of the yen has increased. The products that were available for 100 yen before can be bought now 140 yen. The pressure is really great.

Not only ordinary consumers, but also small and medium -sized enterprises with low bargaining capabilities and difficulty in passing prices, they are also in trouble due to the devaluation of the yen. The Tokyo Commercial Institute of Commerce and Industry, a private enterprise reputation, issued a report recently that in the August survey, nearly half of the interviewed companies stated that they were trapped in the procurement price but could not implement the prices to the downstream prices. Related reasons bankruptcy.

The continuous rise in prices has caused the Japanese economy with weak recovery to a more complex dilemma. Kuroda Nobita, president of the Bank of Japan, pointed out that cost push -up inflation is different from the expansion of inflation that the central bank expects, which not only cannot stimulate consumption, but also inhibit consumer demand and is not conducive to Japan's economic recovery.

Japan has almost nothing to do. The Bank of Japan issued a bulletin in July, raising the inflation expectations in the fiscal year, and once again reiterated that it will adhere to the super loose monetary policy. Experts believe that the central bank is in a dilemma between inflation or keeping the economy.

Nikko Makani, a folk representative of the Japanese Cabinet Economic and Financial Consultation Conference and Vice President of the Global Marketing Department of Faba Securities, pointed out that the Fed's radical interest rate hikes have caused excessive killing to the global economy. The International Monetary Fund has greatly lowered the expectations of world economic growth in 2022 in July. This move has actually determined that stagflation will occur.

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