BoJ: Wollen tun sie schon - nur mit dem Können hapert´s noch

verfasst von Erwin, 14.08.2000, 09:59

Hallo dottore,

das Bethmann-Theorem klingt einleuchtend,
wenn sich auch die Japaner noch etwas zieren.


Hier Bloomberg dazu:


Japan First Rate Rise in a Decade Takes Longer Than Expected
By Martin Foster


Tokyo, Aug. 14 (Bloomberg) -- The Bank of Japan's first interest-rate increase in more than a decade is taking longer than expected.

Japan's overnight interest rate is holding near zero percent, even after the Bank of Japan on Friday announced it plans to boost the rate to 0.25 percent.

The BOJ tried three times today to push it higher, selling 3.8 trillion yen ($34.9 billion) of government debt securities, the most in at least 21 months. By selling government securities, the central bank drains money from the banking system, aiming to boost rates by increasing demand for available funds.

It's not working. ``The zero-rate policy overlapped with a period when banks were taking in more deposits each month, while reducing lending,'' said Akitsugu Bando, a fund manager at Okasan Capital Management Co., with assets of about 19.3 billion yen ($177.7 million). ``That left them with large fund piles to dip into.''

The central bank does not set the overnight rate. Supply and demand for money in the overnight bank lending market does that. The central bank merely tries to guide the rate in the desired direction via by selling or buying government securities.

At its routine 9:20 a.m. operation today, the BOJ drained 2.5 trillion yen ($23 billion), larger than the 1.5 trillion yen drain expected by most analysts.

The bank then came back and drained an additional 500 billion yen. It arranged a third operation by draining a further 800 billion yen.

The operations also failed to boost the overnight rate because banks looking to raise funds in the interbank market had anticipated higher rates and had borrowed necessary funds last week, Bando said.

Most banks probably borrowed funds last week to get the money before Japanese holidays this week, he said. Many businesses are likely to be closed until the middle of the week.

No Sign of Panic at BOJ

The operations led to suggestions that the BOJ was having trouble achieving its aim, though bank officials said that was not the case.

``There is only a certain amount of money one operation can absorb from the market,'' said Atsushi Miyanoya, head of the BOJ's open market operations division, which conducts the bank's daily operation. ``We can't absorb several trillion yen in a single operation.''

Miyanoya said that's why the bank realized it would have to carry out more than one operation today, including ``non-regular'' operations.

Miyanoya also said the 0.25 percent target rate announced by BOJ Governor Masaru Hayami on Friday was never intended to be achieved on the first day of trade following the announcement.

``The board's policy directive is not'' that the interbank overnight loan rate must reach 0.25 percent today, because it requires making the target ``on average'' during the reserve period,'' Miyanoya said.

``To be sure, it would be nice if the key rate rises to the new target,'' Miyanoya said. ``We will probably absorb money from the market tomorrow, too, and the key rate will probably get to 0.25 percent.''

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gesamter Thread:

• End of ZIRP - ein Artikel in der NY Times - Erwin, 13.08.2000, 21:31
  • Re: NY Times, dazu: Bethman-Theorem und Japan - dottore, 14.08.2000, 09:28
    • BoJ: Wollen tun sie schon - nur mit dem Können hapert´s noch - Erwin, 14.08.2000, 09:59
    • Re: NY Times, dazu: Bethman-Theorem und Japan - Albrecht, 14.08.2000, 13:02