This article LTG
Goldrock introduces Bank of Japan ~
Bank of Japan is the Central Bank of Japan and is often referred to as Japan (にちぎ ん; Nichigin) in Japan.The representative of the Bank of Japan is the president of the bank.The current president is Kuroda Dongyan, who took office on March 20, 2013.
According to the Japanese Bank of Japan, the Bank of Japan is a legal person and is similar to a joint -stock company.The capital is 100 million yen, of which 55 million yen are funded by the Japanese government.Equivalent to the "fund -contributing securities" of stocks has been listed in the JASDAQ market in Japan (stock number: 8301).Different from ordinary stocks, no shareholders' meeting and the right to decide, dividends are also limited to "5%".
After the disintegration of the Bretton Forest system in 1973, the global currency moved to the era of free floating exchange rates.The international status of domestic currencies has always been considered a factor affecting the competitiveness of multinational banks.The yen exchange rate has entered the track that continues to appreciate with the high economic growth of Japan, the increase in foreign trade, the reform of the exchange rate system, and the pressure of the US government.
In 1970, the yen exchange rate was 1 USD 1 against 360 yen, and in 1988 it was 135.5 yen, the appreciation was nearly three times.The purchase power of banks and companies' foreign investment has increased significantly.Based on exchange rate analysis, under the background of foreign exchange reserves, the appreciation of the yen and the excess of bank funds, the increase in foreign investment income is greater than the increase in yen appreciation. The Bank of Japan actively sought foreign expansion. Based on interest rate analysis, the cost of yen funds and euro interest ratesFor roughly, companies can obtain two currency funds at will, so the currency advantage of the Yen Bank is small and can even say that it does not exist.
In the 1980s, both of the above conditions were not available, and the yen advantage was obvious.At the same time, the appreciation of the yen, especially after 1985, has appreciated sharply, which led to a significant increase in the capital account value of the Bank of Japan, and the international rating increased, so that banks can get cheap funds and rapid expansion of overseas assets.This is an indirect effect.After 1990, with the liberalization of interest rates, the above two conditions have gradually established and played a role. The Japanese bank's yen advantage has declined, but the indirect effect of the yen appreciation still cannot be ignored.
In the 1980s, in the context of financial liberalization, the banks of Japan gradually relaxed their controls, such as relaxing the restrictions on European Japanese yen loans to domestic customers with foreign exchange trading business and overseas institutions to domestic customers.However, the maintenance policies such as interest rate control and division management have forced some banks to set up institutions in overseas markets, especially offshore markets, to carry out domestic restrictive business in order to avoid control.The implementation of interest rate control, the domestic interest rate is lower than the European and American market interest rates, which provides favorable conditions for the Bank of Japan to raise funds in the country in the country, lend loans in the United States, allocate resources, and international development.The protection of the Japanese government has eliminated the internationalization of the Bank of Japan's internationalization.Stimulate it to implement a scale expansion strategy.According to statistics, in 1984, Bank of Japan's overseas assets was US $ 341.1 billion, and in 1993 reached US $ 2181 billion.
New York, London, Switzerland, Luxembourg, Hong Kong, etc., are international financial centers, have their own characteristics. Foreign banks are attractive to foreign banks.Trading System.In the 1980s, the P / E ratio of the banking industry in Europe and the United States was generally relatively low, while the Japanese bank's price -earnings ratio was high, the purchasing power of the yen was strong, and the cost of overseas acquisition was low.
In terms of foreign policies, the European market has strict control, and the Japanese banks have less acquisitions in the European market, mainly based on new institutions; the US market is relatively loose. In order to increase capital adequacy ratios, US banks sell loans to foreign banks, so that Bank of Japan makes Bank of JapanA reasonable price takes over many American banks.The size of the US market is large. At that time, the Bank of America was prohibited from operating across the state, banks and securities insurance mixed operations. Banks were generally not large. They were divided into different cities. They could not provide customers with comprehensive financial services.Provide favorable conditions.
