Will Japan abandon its ultra-loose monetary policies now that Kazuo Ueda has replaced Haruhiko Kuroda as governor of the Bank of Japan? The answer, it seems, is “no”. The new governor, a well-known and respected academic economist, stressed that the two pillars of Japan’s current monetary policy — negative interest rates and yield curve control — remained appropriate. Was he also right to stick to these policies? On balance, my answer is “yes”. This is not because this is without risk, as Robin Harding argued last week. But because the alternatives are risky, too.
植田和男(Kazuo Ueda)已接替黑田东彦(Haruhiko Kuroda)担任日本央行(Bank of Japan)行长，那么日本会放弃超宽松货币政策吗？答案似乎是“不会”。这位新行长是一位著名且受人尊敬的学者、manbetx20客户端下载 学家，他强调日本当前货币政策的两大支柱——负利率和收益率曲线控制——仍然是合适的。他坚持这些政策也是正确的吗？总的来说，我的回答是“是的”。这并不是因为像罗宾•哈丁(Robin Harding)上周所说的那样，这样做没有风险。而是因为替代方案也有很高的风险。