FILE PHOTO: Deputy Governor at the Bank of Japan, Masazumi Wakatabe, speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne
Years of heavy money printing by the BOJ have pushed down long-term interest rates near zero, adding to the squeeze on margins for Japan’s regional banks already suffering from a dwindling population and a lack of fund demand. “When I look at developments since we introduced quantitative and qualitative easing , the outcome is clearly positive,” he said, referring to the BOJ’s decision to adopt a massive asset-buying program in 2013.
After years of huge asset buying failed to fire up inflation to its 2 percent inflation target, the BOJ added yield curve control to QQE. Under the policy, it now guides short-term rates at minus 0.1 percent and long-term yields around zero percent.
japantimes FiveThirtyEight FT TheEconomist MarketWatch CNBC Wakatabe, however, defended the BOJ’s stimulus program, saying it has created jobs, boosted economic growth and put an end to a period when consumer prices continued to decline.
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