深度 | 制造通胀：日央行如何逃逸“流动性陷阱”？

Bank of Japan's Monetary Policy Evolution - The Bank of Japan (BOJ) transitioned from a quantity-based monetary policy framework (1955-1970) to a price-based framework (1971-1990), with the introduction of the uncollateralized overnight call rate in 1985 [1][8] - Post-bubble era (1991-2023) saw BOJ experimenting with unconventional policies, including zero interest rate policy (ZIRP) in 1999 and quantitative easing (QE) in 2001 [2][9] - BOJ's policy framework evolved through three stages under Governor Kuroda: Quantitative and Qualitative Easing (QQE) in 2013, QQE with Negative Interest Rate in 2016, and QQE with Yield Curve Control (YCC) in 2016 [3] Financial Crisis Responses - During the 1997 Asian financial crisis, BOJ implemented ZIRP and time-axis policy to guide long-term interest rates lower, but prematurely exited in 2000 [2][17] - In response to the 2008 global financial crisis, BOJ introduced comprehensive monetary easing (CME) in 2010, focusing on lowering long-term interest rates and expanding asset purchases [3][49][57] - BOJ's CME included zero interest rate policy, commitment to maintain ZIRP until price stability is achieved, and an enhanced asset purchase program targeting government securities, corporate bonds, and ETFs [58] Economic and Financial Market Impact - Japan's economy experienced prolonged deflation post-1990s, with BOJ's policies aimed at combating deflation and stimulating growth [1][2] - The 2008 crisis led to a significant contraction in Japan's GDP, with a sharp decline in exports and private investment, despite relatively stable financial markets [53][54] - Yen appreciation post-2007 was a major concern for BOJ, leading to interventions and policy adjustments to mitigate its impact on exports and economic recovery [56][57] Structural Reforms and Policy Shifts - The 1998 New Bank of Japan Law granted BOJ independence in monetary policy, with a focus on price stability and financial system stability [13][14] - Under Prime Minister Koizumi (2001-2006), structural reforms in the financial sector helped clear bad debts and stabilize the banking system, contributing to economic recovery [39][40] - BOJ's shift from a scarce reserve framework to an ample reserve framework in 2008 marked a significant change in its monetary policy operations [45]