マイナス金利を英語で　～5 Facts About Bank of Japan’s Negative Interest Rates

黒田総裁の定例会見で、日銀がマイナス金利を導入すると発表しましたね。
黒田総裁の記者会見(2016年1月29日)

私も勉強中ですが、手詰まりによる「奇策」ではあるのでしょう。景気刺激と円安誘導には一定の可能性がありそうですが、リスクも高いのでこれまで歴代の日銀総裁も踏み切れなかったと理解しています。

WSJに事実ベースの簡単なまとめがありました。Megumi Fujiwaraとどうも日本人記者による文章です。

5 Facts About Bank of Japan’s Negative Interest RatesThe Bank of Japan took markets and economists by surprise again Friday, introducing negative interests as an expansion of its arsenal of monetary easing weapons aimed at generating 2% inflation. Here are five things about the latest decision.

1. Second Major Bank to Adopt Negative Rates
Friday’s decision makes the Bank of Japan the second major central bank after the European Central Bank to experiment with what is effectively a penalty for commercial banks that don’t lend money aggressively. Some other banks in Europe, including the Swiss National Bank, have already adopted a similar policy.


2. Kuroda Pulls Another Surprise From Bag of Tricks
Just when it looked like Gov. Haruhiko Kuroda was running out of surprises, he managed to shock markets again. Mr. Kuroda has repeatedly said he wasn’t considering adopting a negative interest rate. The announcement pushed the dollar up by as much as 2.2% against the yen and buoyed the Nikkei Stock Average up 3.5% at one point.


3. Dive Into Negative Rates Can Go Deeper
The BOJ says it will cut the interest rate, set at minus 0.1%, further into negative territory if necessary. That compares with minus 0.75% in Switzerland, minus 1.1% in Sweden and minus 0.65% in Denmark.

4. Negative Rates Part of Three-Tier System
The negative interest rate will apply to current accounts held by financial firms at the central bank as part of a three-tier rate system. Only about ¥10 trillion to ¥30 trillion of the roughly ¥250 trillion currently held in these accounts will be subject to the minus 0.1% rate at the start of the program.


5. Unhappy Campers on BOJ Board
The BOJ board was split 5-4 on the vote, with Takahide Kiuchi, Sayuri Shirai, Koji Ishida and Takehiro Sato dissenting the decision. Negative interest rates could damage the banking system if they cause a sharp worsening in financial firms’ earnings and have little effect on the lending patterns of banks choosing to hold cash.

http://blogs.wsj.com/briefly/2016/01/29/5-facts-about-bank-of-japans-negative-interest-rates/

日銀内でも5対4と僅差の可決だったようですが、上海等での中国株式の様子を見ていると何らかの緩和政策を求めている人たちがいたことも事実です。

「マイナス金利が望ましい」　元日銀副総裁・岩田一政氏

海外でも下記サマーズ氏だけではありませんが、これまでのところ比較的好意的に受け取られています。

マイナス金利「おおむね妥当」　サマーズ米元財務長官

「できることは何でもやってみる」という姿勢は評価していますが、負の側面がでないよう早く軟着陸させる必要があるのでしょうね。

The important thing is to identify the "future that has already happened"

Peter Drucker