2023年植田和男出任日本央行行长。伴随通胀率上涨，日本货币政策进行了相应调整：提高YCC政策运营灵活性，多次上调长期利率目标；继续维持超宽松政策环境；开展政策评估，为实现货币政策正常化提供参考；等等。在日本持续超宽松货币政策作用下，2023年，日本物价上涨，通缩特征弱化；日元贬值，贸易赤字规模缩小；股票市场繁荣，企业业绩大幅上扬；大银行收益增加，地方银行收益下滑。2024年3月，日本春季劳资谈判达成初步结果，企业薪金平均涨幅达5.28%，创1991年以来时隔33年的最大涨幅，显示工资上涨与物价上涨的良性循环已经形成。在此背景下，2024年3月，日本货币政策进行重大调整，实施8年之久的负利率时代宣告结束，2024年7月，日本时隔17年首次启动加息进程。
In 2023，Kazuo Ueda became the new president of BOJ. As inflation rises，Japan’s monetary policy has been adjusted accordingly. Such as improving the flexibility of YCC and raising long-term interest rate targets several times；continuing to maintain ultra-loose policy environment；conducting policy evaluations to provide reference for normalizing monetary policy，etc.. Under the effect of QQE，in 2023，Japan’s prices have risen and the characteristics of deflation have weakened；the depreciation of the yen has reduced the size of the trade deficit；stock market boomed and corporate performance soared；large banks’ profits have increased，while local banks have declined. In March 2024，Japan’s spring labor negotiations reached preliminary results. The average increase in corporate wages reached 5.28%，the largest increase in 33 years since 1991，showing that a virtuous cycle of rising wages and rising prices has been formed. In this context，on March 19，2023，Japan made a major adjustment in monetary policy，ending the era of negative interest rates for eight years，and starting to raise interest rates for the first time in 17 years.
