Loose Monetary Policy Spawned Japan's "Bull Market"

At present, the bubble of Tokyo stock market is quite strong. If the central bank adjusts loose monetary policy and controls the outflow of capital, the stock market is likely to have a larger adjustment.

The Nikkei stock index of Tokyo's stock market once exceeded 20000 points mark on the 10 th of this month, hitting the highest level in 15 years, more than doubled when Ann Bei Jin three became Prime Minister of Japan.

The government stressed that the stock market rose to show the success of Andouble economics.

For this reason, many economic experts believe that the stock market boom is mainly driven by loose monetary policy and pension funds entering the market. It is hard to conclude that "Andouble economics" is successful.

After Andouble became prime minister again, he adopted a series of financial and fiscal policies to stimulate the recovery of the economy.

Thanks to the sharp depreciation of the Japanese yen, the export oriented enterprises, which are mainly listed companies, have increased exports and improved their operating conditions.

Japan's economy began to turn up and rise by 1.5% in the fourth quarter of last year.

The government has recently raised the basic assessment of the economy. It is believed that the negative impact of the excise tax on the economy has gradually subsided, and the business environment has been improved, and the export of commodities has gradually resumed growth, with a moderate recovery in the overall economy.

In anticipation of economic recovery, investors entering the stock market are increasing, and export oriented automobiles, electronics and construction machinery, special materials, and information and communications industries are being sought after.

At present, the stock market value of Japanese individual investors has increased to more than 100 trillion yen.

However, some economists believe that the role of ultra loose monetary policy and government pension funds and the central bank's role in pushing up the stock market can not be underestimated, which is the basis for giving birth to the bull market in Japan.

At the end of October last year, the Bank of Japan increased the amount of money raised to the market to 80 trillion yen.

However, the demand for real economy funds is not strong, and a large amount of excess capital flows into the stock market and the real estate market.

In addition, the Andouble administration has taken various measures to actively push up share prices.

The annuity fund management system of the government system will be amended by the independent administrative body (GPIF).

The proportion has increased from 12% to 25%, and the maximum ceiling is 31% in specific cases.

Therefore, the scale of funds invested in Japanese stock market can reach up to about 40 trillion yen.

According to data released by GPIF, as of March 31st this year, its net purchase amounted to 5 trillion yen, and its stock market value reached 27 trillion yen, accounting for 5% of the total market capitalization of the main board of Tokyo stock exchange.

The occupational pension "mutual aid fund" of the national civil service co operative association will also increase the proportion of capital invested in the stock market to 25%.

The "simple insurance" fund of the government system has also increased the proportion of investment in the stock market.

Japan

The move was bigger, and in the latest year, it used 3 trillion yen to buy shares.

According to Japanese media reports, the Central Bank of Japan's usual practice is that in the morning the stock market fell sharply, in the afternoon spent 30 billion to 40 billion yen funds to buy large market share market.

By the end of last month, the Bank of Japan used 5 trillion and 700 billion yen to buy shares.

At present, the Bank of Japan holds

Already more than 10 trillion yen, about 2% of the total market value of the main board of Tokyo stock market, becoming the second largest shareholder of Japan's stock market after government pension fund.

The registered capital of the Bank of Japan is 2 trillion and 800 billion yen, but it has reached 5 trillion and 700 billion yen, more than 2 times the registered capital.

The easing monetary policy adopted by the European Central Bank has also led to a large influx of European capital into the Japanese stock market. The net buying volume in the latest week has reached 445 billion 300 million yen.

Most securities analysts said that although the Japanese economy has improved to a certain extent, share prices have been disconnected from the real economy and have larger bubbles.

Kikuchi Ma, a securities analyst at foreign investment fund management company, believes that the current bull market in Japan is a capital driven type and does not have a solid economic foundation.

Judging from the current heat, there has been a certain degree of bubble in the stock market. If the real economy can not recover strongly, economic growth expectations can not become a reality, stock prices will not continue to rise. Once the world economic and financial situation is reversed, there will be a risk of a sharp fall.