Goldman Bank of Japan on the 120 level will lead QE Japan-txplatform

Goldman: Riyin QE leading US Japan will on the 120 level FX168 (Goldman Sachs) – Goldman on Monday (February 22nd) the author announced that considering the BoJ easing is expected to rise to 120 yen dollar short-term level above. Why is the ECB’s QE process lagging behind the Bank of Japan? From our point of view, the European Central Bank is "financial led" fetters, which made the interest rate has become a core element of the euro zone, especially for germany. This limits the euro zone’s QE, otherwise the euro zone’s business model will be challenged. In addition, Germany and Japan have similarities in the structural current account surplus. For example, two economies have excess savings, and the financial sector makes these savings recycled. In Japan, the BoJ decided to ignore these scruples and demonstrate the attitude of "monetary policy led". For example, try to catch up with inflation targets. In the euro zone, the "financial leadership" and the concern for economic growth (rather than the huge output gap) have slowed QE. We now hope that the next ECB meeting will solve this problem. (EBRD and BoJ policy mechanism contrast source: Goldman, FX168 financial network) during this period, we do not think the yen weakness has ended. The bank still believes that the dollar yen will rise above 120 in the short term and will rise to 130 at the end of 2016. Beijing time at 9:59 on February 22nd, the dollar yen 112.8588. Enter Sina Financial shares] discussion

高盛:日银QE领先 美 日会上120水平   FX168讯 高盛集团(Goldman Sachs)周一(2月22日)撰文公布称,考虑到日本央行的宽松政策,预计美元 日元短期将升至120水平上方。内容如下:   为什么欧洲央行的QE进程会落后于日本央行?从我们的角度来看,欧洲央行受到“金融主导”的羁绊,这令得利率成为了欧元区的核心因素,特别是对德国而言。这令得欧元区的QE受到限制,否则欧元区金融业的商业模式就会受到挑战。此外,德国和日本在结构性经常帐盈余上都有类似之处。比如,两个经济体都有超额的储蓄量,而金融业使得这些储蓄再循环。   在日本,日本央行决定无视这些顾忌(既得利益),展示出“货币政策主导”的态度。比如,全力追赶通胀目标。   而在欧元区,“金融主导”和对于经济增长(而非庞大的产出缺口)的关注,令QE被拖慢。我们现在希望接下来的欧洲央行会议会解决这一问题。 (欧银与日银政策机制对比 来源:高盛、FX168财经网)   在此期间,我们并不认为日元的跌势已经完结了。   本行仍认为美元 日元短期内会升至120上方,2016年末会升至130水平。   北京时间2月22日9:59,美元 日元报112.85 88。 进入【新浪财经股吧】讨论相关的主题文章: