| Budget Amount *help |
¥7,150,000 (Direct Cost: ¥5,500,000、Indirect Cost: ¥1,650,000)
Fiscal Year 2016: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2013: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
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| Outline of Final Research Achievements |
Due to the Bank of Japan’s (BOJ’s) efforts to support market liquidity and the bank’s policy-based financing to facilitate corporate financing, the significant role of main bank relationship was not observed after the 2011 Great East Japan earthquake. The considerable impact of the BOJ’s monetary policy on the financial markets shows that not only the Japanese government bonds but also various asset prices are affected by the monetary policy. The analyses on the primary market and secondary market of Japanese corporate bonds indicate that credit spreads for all rating classes are dominated by the monetary policy. In addition, there is a truncation problem that some potential issuers gave up issuing a bond because the investors do not find the credit spreads at record lows reflect the compensation investors receive for bearing credit risk.
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