日本央行將利率維持在 0.1% BoJ downbeat as negative rates maintained

The Bank of Japan has downgraded its view of the economy but held interest rates at minus 0.1 per cent, as it wrestles with public confusion over January’s unprecedented move into negative territory.

日本央行(BoJ)下調了對本國經濟的預期，但仍將利率維持在-0.1%水平，該行正在設法消除公衆對1月份利率突然邁入負值區域的困惑。

Haruhiko Kuroda, BoJ governor, was forced to defend the policy as he unveiled a range of tweaks designed to reduce unintended consequences in the financial system.

在宣佈一系列旨在減少負利率在金融系統引發非預期性後果的政策微調後，日本央行行長黑田東彥(Haruhiko Kuroda)不得不爲這一政策辯護。

The BoJ’s language suggests a high chance of more easing later in the year — but shows how the knock-on effects of negative rates are putting practical limits on the European Central Bank and others’ use of their radical new tool.

日本央行的言論暗示了今年晚些時候出臺更多寬鬆政策的可能性很高，但也顯示出，負利率的連鎖反應正給歐洲央行(ECB)及其他央行在新激進政策工具的使用上帶來實際限制。

“I do see signs that the BoJ is softening its signal on negative interest rates,” said Izumi Devalier, economist at HSBC in Hong Kong. “I think they were taken aback by the amount of negative feedback they got.

“我的確看到了日本央行正在軟化其負利率立場的跡象，”匯豐(HSBC)駐香港經濟學家Izumi Devalier說，“我認爲，他們被自己收到的負面反饋的數量嚇到了。”

“I wouldn’t rule out further rate cuts at all but it stresses the fact they want to give this a bit more time to work through,” she added, arguing that the central bank was most likely to make a further easing move next month.

她補充說：“我無法排除進一步降息的可能，但這強調了一點，他們希望給這一政策更多一點時間發揮作用，”並稱，日本央行很可能在下月進一步推出寬鬆措施。

As well as holding interest rates, the BoJ kept asset purchases at Y80tn ($708bn) a year.

除了維持利率不變，日本央行將繼續每年購買80萬億日元（合7080億美元）資產的計劃。

January’s move to negative rates prompted falls in bank share prices and led financial trade unions to scrap their wage demands — the opposite of what the central bank needs to fuel inflation.

1月份開始實施的負利率政策拖累銀行股下跌，並促使金融業的工會放棄他們的加薪要求，這與日本央行想要推高通脹的目標背道而馳。

Nor did the January move greatly weaken the yen, as it was overwhelmed by haven demand for the Japanese currency. The yen rose from Y113.8 to Y113 against the dollar in the wake of yesterday’s BoJ decision.

1月份的這一政策也沒有大大壓低日元匯率，因爲對日元的避險需求佔了上風。昨日日本央行公佈利率決定後，日元兌美元匯率上升，從1美元兌113.8日元上升到兌113日元。

Mr Kuroda argued that the policy was working as intended. “Since we brought in minus rates, short- and long-term bond yields have fallen and that has clearly fed through to falls in mortgage and lending rates — so on the interest rate side the effects are already clear,” he told a news conference. “From here, I anticipate the effects will spread to prices and the real economy.”

黑田東彥認爲該政策正在按預期發揮作用。他在記者會上表示：“自從我們引入負利率，短期和長期債券收益率下跌，而且這顯然已帶動抵押貸款和貸款利率下降，因此在利率方面的影響已經很明顯。我預計這種影響將蔓延到物價和實體經濟。”