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The Bank of Japan’s tricky path to normalisation
日本央行走向正常化的艰难之路

With financial risks lurking, Governor Ueda must maintain his cautious approach
面对潜在的金融风险,行长植田和男必须保持谨慎的态度。

For market watchers, the prospect of Japan’s interest rates rising into positive territory became more unnerving with each passing year. The longer borrowing costs remained below zero, the more traders and investors — at home and abroad — became accustomed to it. A reversal of that status quo risked upsetting financial stability. But on Tuesday, after eight years in the negative, the Bank of Japan governor Kazuo Ueda pulled it off in smooth style. He raised rates from -0.1 per cent, to a range of 0 to 0.1 per cent, and called time on yield curve control. Global markets took it all in their stride.

对于市场观察人士来说,日本利率升至正水平的前景一年比一年更令人不安。借贷成本维持在零以下的时间越长,国内外的交易员和投资者就越习惯于此。这种现状的逆转可能会破坏金融稳定。但在经历了8年的负增长后,周二,日本央行(Bank of Japan)行长植田和男(Kazuo Ueda)平稳地实现了这一目标。他将利率从-0.1%上调至0-0.1%的区间,并结束了收益率曲线控制。manbetx app苹果 市场从容应对了这一切。

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