2018年日本银行继续坚持超宽松货币政策。4月，日本银行取消2%通胀目标实现期限，7月推出强化推进超宽松货币政策的政策框架。在国际经济形势不确定性增大的同时，日本面临经济周期下行预期加大、消费税增税等问题。在欧美央行转变方向、政策或趋于宽松背景下，日本银行政策指向呈宽松政策长期化特征，旨在提升物价预期，支持经济自律性增长。今后宽松货币政策面临国债市场流动性低下、金融机构盈利水平降低以及政策退出风险等问题。
In 2018，the Bank of Japan （BOJ） continued the ultra-loose monetary policy. In April，BOJ deleted the deadline of 2% inflation target，and launched a policy framework for strengthening the ultra-loose monetary policy in July. Under increasingly uncertain international economic situation，Japan is facing issues such as increasing downward expectation of economic cycle and rising consumption tax. In the context of ECB、FED change monetary policy directing to be loose，BOJ policy is characterized by a long-term easing policy. The aim is to raise the inflation expectation and support the economic self-disciplined growth. In the future，the loose monetary policy will face issues such as inadequate liquidity in the public debt market，lower profitability of financial institutions，and policy exit risk.
