Glossario
Quantitative and Qualitative Monetary Easing (QQE)
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Unconventional monetary policy tools
Quantitative and Qualitative Easing (QQE) is a form of monetary policy proposed by the Bank of Japan (BoJ) in April 2013 as a new stage in the already existing QE. Based on the formulation "quantitative and qualitative," the QQE of the Bank of Japan was aimed at overcoming deflation in the country through both a "quantitative" increase and "qualitative" changes in the Bank’s balance sheet.
Regarding the "quantitative increase in the balance sheet," through the purchase of various assets, mainly Japanese government bonds (JGBs), the Bank of Japan, when introducing this policy, planned to double the monetary base in two years from 138 trillion yen at the end of 2012 to 270 trillion yen at the end of 2014.
Regarding the "quality" of the bank’s balance sheet, there have also been changes: the bank increased its purchases of ETFs and J-REITs in order to influence the premiums of risky assets. The Bank also approved JGBs with all existing maturities, including 40-year bonds.
The instrument has evolved over time, and since 2016, the Bank of Japan has been using Quantitative and Qualitative Monetary Easing (QQE) with yield curve control.
Regarding the "quantitative increase in the balance sheet," through the purchase of various assets, mainly Japanese government bonds (JGBs), the Bank of Japan, when introducing this policy, planned to double the monetary base in two years from 138 trillion yen at the end of 2012 to 270 trillion yen at the end of 2014.
Regarding the "quality" of the bank’s balance sheet, there have also been changes: the bank increased its purchases of ETFs and J-REITs in order to influence the premiums of risky assets. The Bank also approved JGBs with all existing maturities, including 40-year bonds.
The instrument has evolved over time, and since 2016, the Bank of Japan has been using Quantitative and Qualitative Monetary Easing (QQE) with yield curve control.
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