BoJ’s bond purchases impact credit spreads – paper

The Bank of Japan

The Bank of Japan’s bond purchase programme has had a significant impact on the credit spreads of corporate bonds, a BoJ working paper finds.

Like the European Central Bank and the Bank of England, the BoJ has purchased both corporate and government bonds as a monetary policy tool. While the BoJ buys government bonds across different maturities, it only purchases corporate bonds with a high credit rating and short-term maturities, from one to three years.

Kenji Suganuma and Yoichi Ueno

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