BoJ kreće u akciju

Petar Sisko No Comment tra. 4,2013 boj, ECB, japan, monetarna politika, que

Nemam puno vremena za pisanje zadnje vrijeme, ali ovo nisam htio preskočiti…

Japanska središnja banka je objavila kako misli dosegnuti svoj novi cilj. Banka će u postupku provoditi quantitave easing politiku i u naredne dvije godine povećati monetarnu bazu dva puta.

Cilj je jasan:

The Bank will continue with the quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner.

Nadaju se da…

These effects will support the positive movements that have started to appear in economic activity and financial markets, contribute to a further pick-up in inflation expectations that appear to have risen, and lead Japan’s economy to overcome deflation that has lasted for nearly 15 years.

Kako izgleda japanski GDP deflator vidite na grafu, jasno je da je akcija prijeko potrebna.

Ja se nadam da će i Eurozona malo profitirati od toga, ako već ECB nije spreman reagirati.

Čini se da su ipak poslušali Miltona Friedmana.

UPDATE
I Scott Sumner komentira odluku BoJ-a (na dnu), evo meni najzanimljiviji dio

This has certainly helped, but Japan is in so deep that they need to do more. The Wicksellian real equilibrium rate in Japan is now so low that even with 2% inflation it’s quite likely that nominal rates will stay at zero.

…

The economics profession has been slow to realize that we are in a new world of low nominal interest rates. And I’m afraid that my fellow right-of-center economists have been among the slowest to understand this.

UPDATE 2: Evo i reakcije tržišta (Nikkei i Yen/USD)