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Term Structure of Interbank Interest Rates in Japan Under Different Regimes of Non-traditional Monetary Policy

In: The Finance-Innovation Nexus: Implications for Socio-Economic Development

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  • Takayasu Ito

Abstract

This chapter presents comparative analyses of the term structure of interbank interest rates in Japan under different regimes of non-traditional monetary policy. The yield curve under a ‘quantitative and qualitative easing policy’ is driven by three common trends and driven by two common trends under a ‘negative interest rate policy’. Market practitioners assumed that there was little room for interbank interest rates to be lowered because of the zero lower bound restriction under ‘a quantitative and qualitative easing policy’. But after the BOJ introduced ‘a negative interest rate policy’, the zero lower bound restriction was lifted. This is why the market function of interbank interest rate began to recover.

Suggested Citation

  • Takayasu Ito, 2024. "Term Structure of Interbank Interest Rates in Japan Under Different Regimes of Non-traditional Monetary Policy," International Symposia in Economic Theory and Econometrics, in: The Finance-Innovation Nexus: Implications for Socio-Economic Development, volume 34, pages 227-236, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-038620240000034019
    DOI: 10.1108/S1571-038620240000034019
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    More about this item

    Keywords

    Interbank interest rate; negative interest rate; quantitative and qualitative easing; term structure; Japan; E43; G12;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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