If the BOJ were to succeed in raising inflation expectations, long-term interest rates would necessarily have to reflect a correspondingly higher inflation premium. As long as nominal interest rates are rising because of inflation expectations, the increase is part of the solution, not part of the problem.
但随着长期利率的缓慢上行，日本央行似乎又停手了。黑田东彦及其同僚到底在期待些什么呢？如果日本央行希望成功提升通胀预期，长期利率将必然要反映出随之产生的相对高通胀溢价。只要名义利率因为通胀预期而上升，那么上升其实就是解决经济危机的表现，而不是问题所在。