Macroeconomia e mais. Recursos para as aulas do Professor Dr. Antony P. Mueller
segunda-feira, 21 de novembro de 2016
Política monetária japonesa
Japan Has Just Gone To Unlimited QE
In my November 2 note (here), I talked about three big changes this year that have been underemphasized by Wall Street and the financial media but have changed the outlook for the global economy and global markets. Among them is Japan’s latest policy move, which licensed them to do unlimited QE. In September they announced that they would peg the Japanese ten-year government bond yield at ZERO. At that time, rates were deeply into negative territory. In that respect, it was actually a removal of monetary stimulus in the near term–the opposite of the what the market was hoping for, though few seemed to understand the concept. I talked about it earlier this month as an opportunity for the BOJ to ...