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Abenomics and Asset Prices: Is It Case of Self-Fulfilling Expectations?

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  • Kazuo Ueda

    (The University of Tokyo)

Abstract

Asset prices have responded in a surprising way to the announcement of a policy package in late 2012 by Shinzo Abe, then the President of the LDP.The package (henceforth, Abenomics) has placed a central focus on aggressive monetary easing. The yen has weakened by about 20% against the dollar since then. Japan’s stock market has gone up by about 30%. I offer a tentative evaluation of Abenomics in the light of the experience with non-conventional monetary policy (NCM) by major central banks including the Bank of Japan (BOJ).

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File URL: http://www.carf.e.u-tokyo.ac.jp/pdf/workingpaper/fseries/323.pdf
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Bibliographic Info

Paper provided by Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo in its series CARF F-Series with number CARF-F-310.

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Length: 24 pages
Date of creation: Mar 2013
Date of revision:
Handle: RePEc:cfi:fseres:cf310

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  1. Vasco Cúrdia & Michael Woodford, 2010. "The central-bank balance sheet as an instrument of monetary policy," Staff Reports 463, Federal Reserve Bank of New York.
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