日本央行維持超寬鬆貨幣政策，同時上修2022財政年度核心通膨率到2.9%

日本銀行(央行)於10月28日公布最新貨幣政策決議，全數委員一致通過市場操作指引，包括基準利率維持在-0.1%，10年期公債殖利率目標維持在0%左右，不對購入日本政府債券(JGB)設置購入上限。

為落實市場操作指引，日本銀行每個營業日將透過固定殖利率利率0.25%，買入10年期公債，另外購入ETF年度金額上限為12兆日圓，購入J-REIT全年金額上限為1,800億日圓。

為實現2%的物價穩定目標，到必要時刻之前都會持續實施搭配殖利率曲線控制的定量與定性貨幣寬鬆(QQE)。

這次會議日本銀行將2022財政年度不含生鮮食品的核心CPI年增率(通膨率)預估值上修到2.9%，7月的預估值為2.3%；2022財政年度不含生鮮食品與能源的核心CPI年增率預估值上修到1.8%，7月的預估值為1.3%；2022財政年度實質GDP年增率預估值下修到2%，7月的預估值為2.4%。

圖資來源：日本銀行

1. At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided upon the following.

(1) Yield curve control (a unanimous vote) 

a) The Bank decided to set the following guideline for market operations for the intermeeting period.

The short-term policy interest rate:

The Bank will apply a negative interest rate of minus 0.1 percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank.

The long-term interest rate:

The Bank will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit so that 10-year JGB yields will remain at around zero percent.

b) Conduct of fixed-rate purchase operations for consecutive days

In order to implement the above guideline for market operations, the Bank will offer to purchase 10-year JGBs at 0.25 percent every business day through fixed-rate purchase operations, unless it is highly likely that no bids will be submitted.

(2) Guidelines for asset purchases (a unanimous vote) With regard to asset purchases other than JGB purchases, the Bank decided to set the following guidelines.

a) The Bank will purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) as necessary with upper limits of about 12 trillion yen and about 180 billion yen, respectively, on annual paces of increase in their amounts outstanding.

b) The Bank will purchase CP and corporate bonds at about the same pace as prior to the novel coronavirus (COVID-19) pandemic, so that their amounts outstanding will gradually return to pre-pandemic levels, namely, about 2 trillion yen for CP and about 3 trillion yen for corporate bonds.

2. The Bank will continue with Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will continue expanding the monetary base until the year-on-year rate of increase in the observed consumer price index (CPI, all items less fresh food) exceeds 2 percent and stays above the target in a stable manner.

For the time being, while closely monitoring the impact of COVID-19, the Bank will support financing, mainly of firms, and maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary; it also expects short- and long-term policy interest rates to remain at their present or lower levels.