日本銀行は、92億5000万0000ユーロの国債購入に踏み切る
Japón arranca su gran plan de compra de bonos con 9.250 millones
El índice Nikkei supera por primera vez en casi cinco años los 13.000 puntos
El yen reduce su cambio frente al dólar a niveles de 2009
Japón inicia sus estímulos con la compra de bonos de deuda
La promesa de la ‘Abeconomía’, por JOSEPH E. STIGLITZ
Alicia González / Agencias Madrid 8 ABR 2013 - 22:38 CET
Japan started its large bond purchase plan with 9,250 million
The Nikkei index exceeds first in nearly five years 13,000
The yen reduces its rate against the dollar at 2009 levels
Japan began its stimulus by buying debt bonds
The promise of 'Abeconomía', by Joseph E. STIGLITZ
Alicia Gonzalez / Agencies Madrid 8 ABR 2013 - 22:38 CET
Said and done. Just 48 hours working has taken the Bank of Japan to launch its ambitious plan to combat deflation, announced last Thursday. And he has made it big. The entity that presides Haruhiko Kuroda on Monday launched its bond purchase plan and paid 1.2 billion yen (9,250 million euros) in its first intervention in the market. The engagement is announced by the entity that purchases reach at least the 7 trillion yen a month, the equivalent of about 54,400 million euros, with the goal of doubling in two years the central bank balance sheet and put inflation at 2 %.
Specifically, the Bank of Japan bought bonds with maturities between 5 and 10 years for the equivalent of 7,700 million euros and 1,550 million in other bonds over 10 years. Markets have welcomed the shift undertaken by the Bank of Japan. The Nikkei jumped 2.8% and reached its highest level since August 2009 to close at 13,192 points. The yen, meanwhile, follows the path laid down by the central bank since last Thursday and collects a drop of 6%, to 98.8 per dollar on Monday.
Efforts to weaken the currency is, by far, the area in which analysts believe the Bank of Japan will have more success. Capital Economics experts have revised their forecasts support the movement of the yen against the dollar after the announcement on Thursday. Julian Jessop, chief global economist at the firm, noted that the yen will reach 110 per dollar this year, compared with 95 previously-planned units and 120 in 2014. "The main risk to this forecast is again having a demand for assets considered safe if a new episode of crisis in the eurozone. In any case, the new policy the Bank of Japan will be a change in the rules of the game, at least for the currency markets ", said Jessop in a note to clients. Some of the big winners will be those with mortgages in yen.
Experts warn that the weakness of the yen has benefits in the form of increased exports but also poses clear risks, including the impact on the price of raw materials, particularly oil and natural gas, of which Japan is highly dependent.
In any case, the announced monetary injection is so great that experts have begun to speculate on the direction taken worldwide investments. The team of economists led by Jens Nordvig, Nomura, says in an extensive report that all security holders in yen-such as pension funds, insurance companies or banks, will invest much of that money into assets with higher returns in other currencies. According Nordvig, markets such as Mexico and Australia may be directly benefited by an inflow of capital, and even the European periphery or Brazil for the greater appetite for risk.
In any case, the decision of the Japanese authorities is good news for the global economy, according to the director of the International Monetary Fund (IMF), Christine Lagarde. "Monetary policy, including unconventional measures, have helped drive the advanced economies and encourage global growth," Lagarde said this weekend. "The reforms announced recently by the Bank of Japan are welcomed further action in this direction," he added.
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