Thereafter, its balance sheet may stabilize in absolute yen terms and fall slowly as a percentage of GDP, but its absolute size will probably never decrease – a likelihood that should cause no concern. It is precisely what happened to the Fed’s balance sheet after its wartime and postwar buying of US government bonds came to an end in 1951.
日本银行将继续扩大其资产负债表直到达到2%的通胀目标。此后其资产负债表的日元净值将趋向稳定并以GDP的一定比例稳步下降，但其绝对规模或许永远不会减少——这是一种不会引发任何忧虑的可能性。而这也正是美联储的资产负债表在1951年结束购买美国政府战时和战后债券后所发生的情况。