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BOJ Moves Toward Phasing Out Yield Curve Control
Economic Outlook

厳しい環境の下、金融緩和の波が押し寄せるアジア

厳しい環境の下、金融緩和の波が押し寄せるアジア

アジア地域での予測における主な変更点として、中国経済の成長見通しをさらに小幅に下方修正し、国内総生産(GDP)の成長率予想を6%台前半に引き下げました。実質借入金利は変化せず高水準で推移しています。日本では昨年の消費増税の延期と日本銀行の量的緩和プログラムの拡大を受けて、昨年後半の定義上の景気後退からの回復をみると予想しています。オーストラリアの見通しにおいては、脆弱な内需、低調な国民所得の伸び、貿易加重為替レートの高止まりという状況を踏まえ、オーストラリア準備銀行(RBA)は向こう数カ月間に政策金利を再び引き下げ、金融緩和を長期にわたって継続することを余儀なくされる可能性が高いでしょう。

Tomoya Masanao

Co-Head of Asia-Pacific Portfolio Management, Co-Head of PIMCO Japan


Mr. Masanao is a managing director in the Tokyo office, co-head of Asia-Pacific portfolio management, and co-head of PIMCO Japan. He manages global and Japanese portfolios and co-oversees the firm’s Asia-Pacific investment teams. He is also a member of the Asia-Pacific portfolio committee. Mr. Masanao joined PIMCO in 2001 as a global portfolio manager in the Newport Beach office and relocated to Tokyo in 2002. Prior to joining PIMCO, he was an executive director and senior portfolio manager at Goldman Sachs Asset Management in London. Previously, he was also with The Sumitomo Bank in London, Tokyo, and Osaka. He has 34 years of investment experience and holds an MBA from Boston University and master's and undergraduate degrees in engineering from Osaka University. Mr. Masanao serves on the board of directors for Room to Read, a global nonprofit that promotes literacy and gender equality in education in low-income communities.