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Japan is fucked.
The BoJ pays most of its profits back to the government.
It earns interest on the bonds it holds, while paying interest on bank reserves.
- JP30Y yield: ~4%
- BoJ policy rate: 1%
Every rate hike increases the BoJ's interest expense -> lowers profits -> lowers
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由
Lukas Ekwueme
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Japan is fucked.
The BoJ pays most of its profits back to the government.
It earns interest on the bonds it holds, while paying interest on bank reserves.
- JP30Y yield: ~4%
- BoJ policy rate: 1%
Every rate hike increases the BoJ's interest expense -> lowers profits -> lowers government revenue -> increases the deficit.
At 2%, the BoJ estimates it could lose money.
Japan can't afford higher rates.
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