Abenomics and Asset Prices: Is It Case of Self-Fulfilling Expectations?
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).
Year of publication: |
2013-03
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Authors: | Ueda, Kazuo |
Institutions: | Center for Advanced Research in Finance, Faculty of Economics |
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