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

Takayasu Ito

A chapter in The Finance-Innovation Nexus: Implications for Socio-Economic Development, 2024, vol. 34, pp 227-236 from Emerald Group Publishing Limited

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.

Keywords: Interbank interest rate; negative interest rate; quantitative and qualitative easing; term structure; Japan; E43; G12 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:isetez:s1571-038620240000034019

DOI: 10.1108/S1571-038620240000034019

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