日本央行加碼實施貨幣寬鬆

The Bank of Japan has launched anunprecedented new kind of monetary easing as it set a cap on 10-year bondyields and vowed to overshoot its 2 per cent inflation target on purpose.

日本央行(BoJ)啓動了一種史無前例的新型貨幣寬鬆，爲十年期國債收益率設定了上限，併發誓要刻意地令通脹率超過2%這一目標值。

Its decision demonstrates that even eightyears after the global financial crisis, central bankers are still willing toexperiment with new monetary policy tools, as they struggle to escape from lowinflation around the world.

該行的決定表明，即使是在全球金融危機爆發八年之後，爲了竭力擺脫全球性的低通脹，中央銀行家們仍願意嘗試新的貨幣政策工具。

The move marks another effort by HaruhikoKuroda, BoJ governor, to surprise market expectations by doubling down on easypolicy in order to signal his determination for Japan to escape its decades ofon-and-off deflation.

此舉標誌着，日本央行行長黑田東彥（Haruhiko Kuroda，上圖）再次採取了出乎市場預料的行動，加倍押注於寬鬆政策，以表明他決意使日本擺脫數十年來時斷時續的通縮。

But the question for Mr Kuroda is whether 3½years ofslow progress on prices have damaged the BoJ’s credibility toomuch for promises of higher inflation to be taken seriously by the public.

不過，黑田面臨的問題在於，由於三年半來在物價方面進展緩慢，日本央行的可信度是否已大幅下降，以至於日本公衆根本不會把該行推高通脹率的承諾當回事。

“The price stability target of 2 per centhas not been achieved... [and] this is largely due to developments in inflationexpectations,” said the BoJ. “Inflation expectations need to be raised furtherin order to achieve the price stability target.”

日本央行表示：“2%的物價穩定目標沒有實現……這在很大程度上是由通脹預期的發展造成的。通脹預期需要被進一步推高，以實現這一物價穩定目標。”

Markets reacted positively, with the yenlosing 1 per cent to ￥102.7 against the dollar, while Japan’s broadbenchmark Topix index was up 2.5 per cent and the Nikkei 225 rallied 1.8 percent.

市場對此反應積極。日元相對美元下跌1%，至1美元兌102.7日元。日本綜合基準指數東證指數(Topix)上漲2.5%，日經225指數(Nikkei 225)上漲1.8%。

The BoJ kept interest rates on hold at minus0.1 per cent —describing further rate cuts as a “possible option foradditional easing”—but announced a new framework with two main elements.

日本央行將利率維持在-0.1%不變，並稱“爲了實現進一步的寬鬆可能選擇”再次降息。不過，該行還宣佈了一個包含兩大要素的新政策框架。

The first is a pledge to cap 10-yeargovernment bond yields at zero per cent. In essence, that means the BoJ ispromising to buy any bonds offered for sale at that price.

一是承諾將十年期國債收益率上限設置在零。實質上，這意味着日本央行承諾買入一切以面值價格銷售的債券。

Second, the BoJ has pledged to continue buyingassets until inflation “exceeds the price stability target of 2 per cent and stays above thetarget in a stable manner”.

二是承諾繼續買入資產，直至通脹率“超過2%的物價穩定目標、並穩定停留在目標上方”。