在日元急速升值、通货紧缩严峻、经济复苏缓慢等背景下，2010年日本银行继续实施更加宽松的货币政策，出台了多项新举措。最具代表性的为“一揽子金融宽松政策”，其中设立资产购买基金是日本银行的首次金融实践尝试。虽然在零利率制约下，日本银行继续扩大非常规货币政策空间，但是表现出由“危机模式”向“常规模式”逐步过渡的特征。在宽松的金融环境下，2010年金融市场流动性充足，利率保持低水准，央行资产规模小幅扩张，银行贷款平稳。在严峻的财政状况困境中，日本银行将以克服通货紧缩为首要课题，运用多种政策工具，继续维持超宽松货币政策。
In the background of the yen’s sharp appreciation，deflation and a slow economy，the Bank of Japan （BOJ） issued a series of new initiatives to continue to pursue powerful monetary easing in 2010.The most representative was “Comprehensive Monetary Easing”，and Establishing Asset Purchase Program was the BOJ’s first practice.Although the BOJ is continuing to expand its unconventional monetary policy space under the zero interest rate，the policy has shown the characteristics of gradual transition from “crisis mode” to “normal mode”.Under the easing financial environment，Japan’s financial market liquidity was adequate，the interest rates maintained a low level，the BOJ’s balance sheet kept modest expansion and the bank’s loan kept smooth in 2010.In face of a severe fiscal situation，the BOJ will make solution to deflation as the first topic，use various policy instruments，and continue to maintain its easing monetary policy.
