日銀 ２％目標へ強い意志…マイナス金利導入

January 29, 2016 (Mainichi Japan)
BOJ shows strong will to achieve 2% inflation target
日銀　２％目標へ強い意志…マイナス金利導入

The Bank of Japan (BOJ) on Jan. 29 announced plans to introduce a negative interest rate to demonstrate its strong commitment to achieving a 2 percent inflation target.
　日銀が異例のマイナス金利を導入した背景には、デフレ脱却に向けて掲げた２％の物価目標を達成する強い意志を示す狙いがある。

The central bank took the initiative after concluding that it would be difficult to attain its objective at an early date by simply focusing on monetary volume through massive purchases of government bonds.
これまでの日銀は国債を大量に購入することで市場にお金を流す「量」を重視してきたが、お金の量を操作するだけでは２％の物価目標の早期達成が困難になったと判断したためだ。

The BOJ maintains that its ''qualitative and quantitative monetary easing'' policy has produced results. Its decision to add interest rates to that policy reflects the central bank's plan to implement a flexible monetary policy.
日銀は国債を買い入れて市場にお金を流す「質的・量的金融緩和」について、「所期の効果を発揮している」としてきたが、「量」と「質」に「金利」を加えることでより柔軟に政策を運営していく考えだ。

In its new outlook report, the BOJ aims to achieve its inflation target in more than four years, instead of an initial objective of around two years. It says it is difficult to attribute the difficulty in achieving the 2 percent target to oil price declines. The BOJ was under pressure to further strengthen its monetary policy.
　今回まとめた展望リポートでは、２％の物価目標の達成時期が当初の「２年程度」から４年以上に後ずれした。その理由を「原油の下落」だけで説明するのは厳しく、金融政策の一段の強化が求められていた。

Financial markets have experienced confusion due to the Chinese economic slowdown and falling crude oil prices since the start of this year. If the BOJ had failed to take additional monetary easing measures, its resolve to achieve its 2 percent inflation target would have been questioned, and it would have faced the disappointment of its monetary policy having reached its limits.
年明け以降、中国経済の失速や原油価格の下落を受けて市場が混乱する中、今回、日銀が追加緩和を見送れば２％目標達成への本気度を疑われるとともに、「日銀の金融政策は限界」との失望を買う恐れがあった。

The BOJ thus was under pressure to implement a new set of monetary easing steps to surprise markets and renew its strong will to achieve a 2 percent inflation target.
市場のサプライズを起こす金融緩和を実施し、２％の物価目標達成に向けて強い意志を示す必要に迫られていた。