Under Governor Kuroda, who assumed office in March 2013, the Bank of Japan has set a goal of achieving its 2% inflation target in about two years. We aimed to break away from deflation by embarking on dimensional easing.


The large-scale monetary easing, also known as the “Kuroda Bazooka,” corrected the historical appreciation of the yen at the time and pushed up stock prices.

In January 2016, the Bank of Japan introduced a negative interest rate policy for the first time in its history.



Then, in September of that year, the Bank introduced a new monetary easing policy, which is unprecedented in the world, by making short-term interest rates negative and keeping long-term interest rates at about 0%.



As a result, the Japanese economy was no longer in deflation, but the easing measures were prolonged without achieving the price stability target of 2% accompanied by wage increases, which was one of the causes of last year's rapid depreciation of the yen and price hikes. has also been pointed out.



Recently, the rate of increase in consumer prices has risen to a level exceeding 4% in a way that the Bank of Japan does not want due to rising energy prices and a weaker yen.



In addition, the side effect of a decline in the functioning of the bond market due to the purchase of a large amount of government bonds is gradually becoming a problem.

Words quoted from the story of Peter Pan go viral

One of the characteristics of the BOJ's monetary policy under Governor Kuroda is to send out a strong message and work on "people's expectations."



In April 2013, shortly after his inauguration, Governor Kuroda launched a large-scale monetary easing policy with the goal of achieving economic growth in about two years while prices rise by about 2% in order to overcome deflation. I launched.



The change in the Bank of Japan spread market expectations and prices began to rise, but even after two years, prices fell short of the target of 2%.



Against this backdrop, Governor Kuroda delivered a speech at an international conference hosted by the Bank of Japan's Monetary and Economic Research Institute in June 2015, and quoted from the story of Peter Pan, ``The moment you doubt whether you can fly, you will forever be unable to fly.'' Quoted and appealed, "The important thing is a positive attitude and conviction."



As people expected prices to rise, Governor Kuroda's view was that continuing powerful monetary easing would lead to price increases. It became a hot topic among people.



Governor Kuroda, who has launched a series of unusual monetary policies, has repeatedly said, "There is no limit to monetary policy."



In September 2016, the Bank of Japan set short-term interest rates to minus and long-term interest rates to about 0%, introducing the current monetary policy framework. , quoting Anne's remark, "Don't you think it's nice to have so much to discover?" It resonates with me as an encouragement,” he said.