摘要：After the Bank of Japan (BOJ) introduced Quantitative and Qualitative Monetary Easing in April 2013,the BOJ's government bond purchases increased by a large amount, and entities other than the BOJ,as a group, increased loans and investment in equities, mutual funds, and corporate bonds, whilereducing their holdings of government bonds. The extent of portfolio rebalancing differs acrossentities: we observe rebalancing for domestic banks and the overseas sector; in contrast, so far norebalancing for insurance companies, corporate pension funds, and public pensions can be observed.In addition to changes in the balance sheet conditions of domestic banks and loan demand faced bydomestic banks, purchases of government bonds with a longer remaining maturity by the BOJ likelyhave played a role in the increase in bank loans by domestic banks
