Barclays percibe que el BdJ se está comprometiendo a años de tasas bajas

Genevieve Signoret & Patrick Signoret

Ayer lo mencionamos en breve. Kyohei Morita y Yuichiro Nagai de Barclays perciben ($) que, al extender su programa de préstamos baratos para instituciones financieras –específicamente al ofrecer préstamos a 0.1% anual durante cuatro años–, el Banco de Japón está en efecto comprometiéndose a mantener sus tasas casi en cero. (Barclays no lo dice, pero creemos que la implicación es que el compromiso es de cuatro años de tasas bajas.) A continuación el párrafo completo de Barclays:

The loan support program consists of two facilities: 1) the “Stimulating Bank Lending Facility’; and (ii) the ‘Growth-Supporting Funding Facility.” For both, the deadline for new applications was extended by one year and the applicable interest rate was fixed at 0.1% annually for four years. The first change was largely in line with market expectations. The second change, however, arguably contains a hidden message. In short, the fixing of the applicable rate at a low level of 0.1% for an extended period of four years (from the current 1-3 years) might be viewed as an effective commitment to short-term rates. In sum, QQE, which hitherto focused on “quantity” and “quality,” appears to have incorporated a new element of “commitment.”