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<< br/>- b-: brr-b :. -:b( B', '', The world's biggest experiment in monetary easing is floundering, and its promoters are divided over how to get it back on track. In the past For three and a half years, the Bank of Japan has been taking aggressive measures to boost the country's sluggish economy, and finally officially launched a negative interest rate policy in this month. However, Japan's economic growth and inflation prospects are still unclear. Now, although the Bank of Japan Committee Still leaning toward easing, some members want to reset policy. Observers and investors worry that this will trigger uncertainty in the Japanese economy.
b-: brr-b :. -:b( B', '', Now, with less than a week to go before the Bank of Japan's policy meeting, Japan's financial managers, major banks, insurance companies and advisers to Prime Minister Shinzo Abe are all extremely anxious about current policies.
b- : brr-b :. -:b( B', '', The Bank of Japan is a silhouette of the massive unrest among global central banks. In addition to Japan, the monetary policies of Europe and the United States have also been unable to achieve their goals for many years. Both the European Central Bank and the Federal Reserve have been unable to achieve their goals. Confusion over when and how to implement tightening policies spread. Doubts about central bank policies spread to global markets. Investors who had long hoarded stocks and bonds were spooked as central banks flooded markets with cheap borrowing.
b -: brr-b :. -:b( B', '', A sharp sell-off has sent long-term benchmark bond yields in Germany and Japan surging this month after hitting new lows earlier this year. Japan's 1-year government bond yields It was close to zero in January, but has now rebounded to about .%. The S&P index has not changed more than % in two months, but its trading volume has tripled in the past three trading days.
b-: brr-b :. -:b( B', '', Although the Bank of Japan has purchased nearly 100 million U.S. dollars in bonds and hundreds of millions of bonds every year since It is believed that its policy's firepower is close to its upper limit. At the same time, Japan's economic growth is still quite fragile, but the yen continues to strengthen, which is contrary to the original intention of the Bank of Japan and is not what Japan's export industry likes to see. In addition, Japanese stock markets It has fallen by .% this year.
b-: brr-b :. -:b( B', '', Next week, the Bank of Japan will announce the results of its policy review as planned. Until recently, Governor Haruhiko Kuroda could barely convince a majority of the nine-member board to back his easing plans. In March, the committee barely passed the resolution to implement negative interest rates by 10% votes. Subsequently, two of the members who opposed negative interest rates resigned due to the expiration of their terms, and their successors were supporters of loose policies.
b-: brr-b :. -:b( B', '', However, b-: brr-b : According to sources, seven supporters of easing policy are now worried about their views on the next step. They fell into a split.
Three of them firmly believe that the government's large bond purchase plan and negative interest rates can still stimulate the inflow of private wealth into risky assets, so they still adhere to the current policy. This group believes that the asset purchase plan will be scaled back, or the current policy will be revised indiscriminately. Policies that cause the market to mistakenly believe that the policy will be tightened may cause the yen to surge, which is completely contrary to the purpose of the policy and may impact corporate profits and the stock market.