Portfolio Rebalancing and Financial Performance of Banks in Japan since Quantitative Easing-2: Exploring Impacts of Post-Covid-19 QE Tapering

本研究旨在深入探讨2013年以来QE 2对日本银行业的影响，以及量化宽松规模缩减对银行业的影响。考虑到这一更广泛的目标，AY 2022在研究进展方面仍然非常成功。在这一年里，我完成了一篇工作论文，并在Scopus列出的期刊上发表了一篇研究论文。这两份出版物都重点回顾了自2013年以来日本央行的第二次量化宽松货币政策，以及该政策如何通过低利率、高存款积累导致的不可持续的贷款-存款比率以及COVID-19给银行带来挑战。此外，本研究还从资产收益率、净资产收益率、利差、不良资产状况等方面，对日本商业银行的财务状况产生了初步影响。本研究的活动包括文献综述、与前日本银行高管的经验调查、实地考察、参加几次研讨会以及根据研究结果进行演讲等。

This research was proposed to make an in-depth investigation of QE2’s impacts on Japanese banks since 2013 and the prospective fallouts of QE tapering on them. Keeping this broader objective in mind, AY 2022 has remained highly successful in making progress with the research. During the year, I was able to finish writing a working paper and get one research paper published in a Scopus-listed journal. Both publications focused on reviewing the BOJ’s QE-2 monetary policy since 2013 and how this policy has created challenges for banks through low interest rates, unsustainable loan-deposit ratios through high deposit accumulation, and COVID-19. Moreover, the research has found the initial financial impacts on commercial banks in Japan in terms of their return on assets, return on equity, interest margin, the status of non-performing assets, etc. The activities involved in the research include a literature review, an experience survey with a former BOJ executive, field visits, participating in a few seminars, and giving talks supported by the outcomes of the research.