"The Bank of Japan's Monetary Policy and Bank Risk Premiums in the Money Market"

Using the interest rates on Negotiable Certificate of Deposit issued by individual banks, we first show that under the Bank of Japan's Zero Interest Rate Policy and Quantitative Monetary Easing Policy, not just the levels of money market rates but also the dispersion of rates across banks have fallen to near zero. We next show that the fall in the dispersion of the rates is not fully explained by a fall in the dispersion of credit ratings of the banks. We also present some evidence on the role of the Bank of Japan's monetary policy in reducing risk premiums.

The Bank of Japan's Monetary Policy and Bank Risk Premiums in the Money Market (subsequently published in "International Journal of Central Banking", March 2006, Vol.2, No. 1, 105-136. )

Using the interest rates on Negotiable Certificate of Deposit issued by individual banks, we first show that under the Bank of Japan's Zero Interest Rate Policy and Quantitative Monetary Easing Policy, not just the levels of money market rates but also the dispersion of rates across banks have fallen to near zero. We next show that the fall in the dispersion of the rates is not fully explained by a fall in the dispersion of credit ratings of the banks. We also present some evidence on the role of the Bank of Japan's monetary policy in reducing risk premiums.

Studies on the Effect of Radio Frequency Field in a Cusp-Type Charge Separation Device for Direct Energy Conversion

In D-3He fusion power generation, an application of direct energy conversion is expected in which separation of charged particles is necessary. A cusp-type direct energy converter (CuspDEC) was proposed as a charge separation device, but its performance was degraded for a high density plasma. The goal of the present study is to establish an additional method to assist charge separation by using a nonlinear effect of a radio frequency (rf) electric field. Following to the previous study, we experimentally examine the effect of an rf field to electron motion in a CuspDEC device. Two ring electrodes were newly installed in a CuspDEC simulator and the current flowing into the electron collector located in the line cusp region was measured on an rf field application. The significant variation in the current was found, and an improvement of the charge separation can be expected by using the phenomenon appropriately

High time resolved electron temperature measurements by using the multi-pass Thomson scattering system in GAMMA 10/PDX

High time resolved electron temperature measurements are useful for fluctuation study. A multi-pass Thomson scattering (MPTS) system is proposed for the improvement of both increasing the TS signal intensity and time resolution. The MPTS system in GAMMA 10/PDX has been constructed for enhancing the Thomson scattered signals for the improvement of measurement accuracy. The MPTS system has a polarization-based configuration with an image relaying system. We optimized the image relaying optics for improving the multi-pass laser confinement and obtaining the stable MPTS signals over ten passing TS signals. The integrated MPTS signals increased about five times larger than that in the single pass system. Finally, time dependent electron temperatures were obtained in MHz sampling

タンデムミラー端部及び高出力中性粒子ビームを用いたダイバータ・ＥＬＭ模擬研究

科学研究費助成事業 研究成果報告書：基盤研究(B)2012-2015課題番号 : 2436037

The Bank of Japan\u27s Monetary Policy and Bank Risk Premiums in the Money Market

Using the interest rates on Negotiable Certificate of Deposit issued by individual banks, we first show that under the Bank of Japan\u27s Zero Interest Rate Policy and Quantitative Monetary Easing Policy, not just the levels of money market rates but also the dispersion of rates across banks have fallen to near zero. We next show that the fall in the dispersion of the rates is not fully explained by a fall in the dispersion of credit ratings of the banks. We also present some evidence on the role of the Bank of Japan\u27s monetary policy in reducing risk premiums.International Journal of central Banking. 掲載予定.本文フィルはリンク先を参照のこ