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07.06.2019 17:00

Bank of Japan’s aggressive easing has created a tough environment for some banks - MUFG

Economic initiatives undertaken by the Japanese government and aggressive easing policies from the country’s central bank have injected new growth momentum into the economy. According to a senior banking executive, however, that’s come with some negative consequences.

The Bank of Japan’s quantitative and qualitative easing policy has created market disruption and has hurt the safety and stability of Japanese financial markets, Nobuyuki Hirano, chairman of Mitsubishi UFJ Financial Group, told.

According to Hirano, as the central bank acquires more Japanese government bonds, the liquidity in that market is drying up. Meanwhile, the Bank of Japan’s purchase of exchange-traded funds in stock markets is affecting the price mechanism, he added.

While Hirano said it is important to “carefully analyze” the balance between the benefits and adverse side effects, he added that the current interest rate policy means it is a “really tough environment for the banks, in particular regional banks.”


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