The predictable side effect of quantitative easing (QE) – that is, the purchase of domestic bonds – by the BOJ and the ECB has been the depreciation of the yen and the euro. But central banks can hardly be enjoined from easing monetary policy when domestic economic conditions warrant it, as has obviously been the case in Japan and Europe (and in the US when the Federal Reserve embraced QE).
指责日本和其他国家操纵货币的批评家想必都知道，它们在近几年中根本没有干预挽回市场。因此他们集体转向了最近的货币宽松。可预料的日本银行和欧洲央行量化宽松——即购买本国债券——的副作用正是日元和欧元贬值。但面对国内经济环境的需要，央行很难不放松货币政策，日本和欧洲的情况显然正是如此（美国在美联储采取量化宽松时也是如此）。