Non-traditional Monetary Policy Research Articles

Non-traditional Tools for the Central Bank of Iraq as a Model

This research deals with the study of the case of the Iraqi economy and the crises that occurred in it due to the country's dependence on non-traditional monetary policy tools. The accumulation of deficit in the general budget in Iraq is a result of the decline in public revenues and the increase in public expenditures due to the economic blockade and its negative repercussions, as well as the results of wars that cost the country money. This is why we find the divergence of monetary and fiscal policy measures according to what the monetary policy is that finances the deficit in the public budget and through its traditional and non-traditional levels, especially after the emergence of the remnants of the economic blockade, and thus the debts rose, which represent the total deficits of the general budget. We also note that the monetary policy proceeds according to the financial policy. The Central Bank is responsible for financing the deficit in the general budget through (the new monetary issue and quantitative easing) and these financing mechanisms structural imbalances in some monetary variables that prevent the central bank from financing the government, whether directly or indirectly.

Unconventional Tools of the Central Bank of Algeria as a Model

This study aims to shed light on the non-traditional tools of monetary policy that have emerged greatly in Algeria after the deterioration of financial conditions and in light of the failure of traditional tools in the 2008 crisis. Central banks are curbing the crisis by means of non-traditional monetary policy tools, especially the policy of quantitative easing and monetary issuance. After that, the study concluded that the Algerian central banks were unable to address this crisis through their traditional tools. In their response to the financial crisis, especially in developed countries, they have developed new tools based on modern economic principles; these tools were called non-traditional; the effect of the continuous homogeneity in the use of non-traditional tools in the Algerian economy to address the goals and causes and the deterioration of the prevailing conditions. The research aims to examine the effects of using non-traditional tools to address the crises experienced by the Algerian economy.

Effectiveness of Unconventional Monetary Policy Tools on Financial Stability: A NARDL Approach for Turkey

The primary purpose of central banks is to achieve and maintain price stability. Until the global financial crisis in 2008, it was accepted that financial stability was achieved in an economy where price stability was achieved. However, after the crisis, it was seen that financial stability could not be achieved in economies where price stability was achieved, and alternative policies began to be sought. In this context, many developed and developing countries have started using unconventional monetary policy tools to ensure financial stability along with price stability. As a result of the expansionary policies implemented by the central banks of developed countries, there has been an intense capital inflow to Turkey, which has led to credit expansion and overvaluation of the domestic currency. Therefore, as of 2011, the Central Bank of the Republic of Turkey (CBRT) started to use non-traditional monetary policy instruments to support financial stability. In this study, a financial stability index has been calculated for the Turkish economy and the effects of interest rate corridor and required reserve implementations on this index were examined with the Non-Linear Auto Regressive Distributed Lag (NARDL) model. According to the results of the analysis, it has been understood that the effects of unconventional monetary policy tools in ensuring financial stability are limited and monetary policy implementations alone are insufficient.

ДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКА ЦЕНТРАЛЬНЫХ БАНКОВ ЕВРОПЫ

The article presents the evolution of the monetary policy of the central banks of Europe, managed by a supranational banking regulator. The principles, traditional and non-traditional monetary policy instruments of the European Central Bank are analyzed. The evaluation of the effectiveness of the use of quantitative easing (QE) policy is given. The response measures used by the monetary authorities of the eurozone countries to stabilize European economies during the Covid-19 pandemic are revealed.

Greek Banking Sector Stock Reaction to ECB’s Monetary Policy Interventions

Reacting to extreme uncertainty conditions caused by the global financial crisis, the European Central Bank implemented countercyclical strategy, combining conventional and non-traditional monetary policy tools to stabilize financial markets and euro area economies. We study the impact of the euro area monetary authority policy interventions on equity returns of four systemic Greek banks for the period January 2007 to August 2018. In the first step, we collect and classify interventions to several categories. Then, an event study analysis is carried out to evaluate cumulative abnormal returns. In the second step, a panel regression analysis is performed to identify Cumulative Abnormal Return (CAR) determinants. Our results suggest that expansionary conventional monetary policy interventions significantly affect equity returns of Greek banking institutions, assisting the regional banking equity stability. On the other hand, the harmful consequences of Greek debt crisis limited the effectiveness of non-standard measures.

MONETARY RESPONSE OF THE US FEDERAL RESERVE SYSTEM TO THE ECONOMIC CONSEQUENCES OF THE PANDEMIC CRISIS

Introduction. Due to the fact that monetary policy has always been the most important tool of state influence on the real sector and the dynamics of key macroeconomic indicators, the most effective monetary response of the central bank to any external shocks causing the economic crisis is necessary condition for successful economic development of each country. And as the pandemic crisis has become such a shock, both nationally and globally, the search for effective levers to offset its negative effects is among the top priorities for the monetary authorities of all countries. The experience of the US Federal Reserve in this regard is of direct practical interest given the significant developments in the modification of monetary instruments since the previous global financial and economic crisis, and therefore requires detailed study to be used to stabilize the situation and ensure proper functioning of all market mechanisms. The purpose of the article is to identify the causes and main directions of change in the practice of monetary instruments to respond to economic challenges caused by the global pandemic crisis, based on a comprehensive analysis of the experience of the US Federal Reserve as the world's leading central bank. Results. The main aspects of the negative impact of the pandemic on the US economy, the development of which in the context of globalization significantly affects the rest of the world, and therefore the actions of the Federal Reserve to counter the effects of the crisis are of scientific and practical interest in terms of finding non-standard approaches to respond quickly to pandemic economic shocks. The objective economic reasons that determine the limitations of the regulator's ability to apply traditional monetary policy instruments are considered and systematized. Emphasis is placed on the manifestation of the liquidity trap, which does not allow the active use of interest rate policy as a tool to stimulate economic growth. The circumstances under which the Federal Reserve was forced to actively combine traditional and non-traditional monetary policy instruments have been identified. In this regard, the whole set of measures for the Fed's monetary response to the effects of the pandemic crisis was proposed to be classified into five areas: interest rate policy; quantitative easing; support for financial markets; intensification of bank lending; real sector support. Based on this, a strong shift in the focus of the Fed's monetary policy towards supporting households and businesses through massive infusions of liquidity into the economy has been justified. Perspectives. As an important direction of scientific research in the near future should be considered the search for optimal ways of monetary response of central banks to manifestations of crisis phenomena, taking into account, in particular, the positive experience of the Federal Reserve System in shifting the priorities of monetary impact on the economy - from achieving certain targets of inflationary dynamics to supporting the real sector and stimulate economic growth.

Central Bank Communication: Forward Guidance

Abstract. Introduction. Incomprehension and misinterpretation of central bank actions by the markets lead to uncertainty. As a result, the volatility of inflation, prices, and assets increases. The low-interest-rate in today’s macroeconomic environment is a common thing. In such circumstances, the economy is so difficult to adapt to internal and external shocks, so inefficiencies caused by incorrect or untimely statements by the regulator can exacerbate the problem and provoke unjustified risks. These new conditions have led to changes in the way information is covered and create a new communication approach. Purpose. Thus, the article aims to systematize the main patterns of forwarding guidance mechanism as a communication tool in monetary policy. Its use in such developed economies as Japan, the United Kingdom, the United States, and the European Union. Identification of major trends in the use of forwarding guidance form during the crises of 2008 and 2020. Determination of why targets are 2% inflation with the description of monetary and communication tools, research of information coverage approaches. Results. The central bank statements affect to decisions of various market participants and can be divided into economic forecasts and forward guidance. According to the forwarding guidance classification, the analysis was made of 2020 statements and compared with the 2008 statements, for each of the studied countries. The finding shows that there has been a shift from economic forecasts to forward guidance. A model consisting of four elements has been identified for the four central banks: target, monetary instruments, statement approach, and information tools. Conclusions. In general, new types such as state-contingent and calendar-based statements began to be used during the last crisis. The most common monetary instrument that appears in statements being the interest rate. The common goals for all central banks are to focus on price stability, which is expressed in inflation of 2%. This target must be long-term and in numerical terms to effectively management inflation expectations and bring down volatility. All banks strive for simplicity and clarity in their statements, and they use a wide range of information tools. Keywords: central bank communicatioт; forward guidance; non-traditional monetary policy instrument.

The Effect of Interest Rate Corridor on Turkish Financial Markets

The 2008 financial crisis had important consequences first in the US economy and then in the global economy. This has caused a significant change especially in the monetary policy practices of developing country central banks. The American Central Bank was the first monetary authority to apply for these practices. With these applications called as non-traditional monetary policy, an extraordinary amount of government bonds and mortgage-backed securities were made. As a result, the global liquidity level increased. Thus, foreign financial institutions having access to liquidity facilities and foreign capital inflows into the country has increased in Turkey. In 2010, as a necessity of the current developments, policy tools that monitor both price stability and financial stability were designed. These policy tools aimed to prevent the risks that might occur in asset and credit markets as a result of fluctuations in foreign capital movements. The asymmetric interest rate corridor is one of the policy tools that has been implied in this period. Therefore, this policy tool is important for the financial stability target of the Central Bank. With this policy tool, the CBRT has the opportunity to influence loan and deposit transactions without changing the policy interest rate. Thus, it is aimed to have an impact on both speculative capital inflows and credit markets at the same time. Accordingly, this study aims to investigate the effect of the asymmetric interest rate corridor, which is implied between 2010:5-2018:5, on financial markets. The upper limit of the corridor, the lower limit of the corridor, BIST100, the overnight repo rate, and the dollar / TL exchange rate are the variables considered in the empirical analyses. VAR is preferred as the analysis method and the analysis is carried out with data at monthly frequency. According to empirical results, the lower corridor positively affects the overnight repo rate and it affects the BIST100 index negatively. In addition, it is seen that the upper limit of the corridor has no effect on the variables used in the study.

The Spillover Effects of the US Unconventional Monetary Policy: New Evidence from Asian Developing Countries

This paper aims to trace the monthly responses of equity prices, long-term interest rates, and exchange rates in Asian developing markets to the US unconventional monetary policy (UMP). The main research question is to explore whether UMP shocks exist in those markets. We also consider the differences in the mean responses of those asset prices between traditional and non-traditional monetary policy phases. To address such concerns, we employ a panel vector autoregression with exogenous variables (Panel VARX) model and estimate the model by the least-squares dummy variable (LSDV) estimator in three different periods spanning from 2004M2 to 2018M4. The first finding is that UMP shocks from the US are associated with a surge in equity prices, a decline in long-term interest rates, and an appreciation of currencies in Asian developing markets. In contrast, the conventional monetary policy shocks from the US seem to exert adverse effects on these recipient countries. These empirical results suggest that the policymakers in Asian developing countries should cautiously take into account the spillover effects from the US unconventional monetary policy once it is executed.

Non-traditional monetary policy and the future of the financial industries

This paper investigates how expansionary monetary policy after the Global Financial Crisis (GFC) has affected the U.S. banking sector. In response to the GFC, the Federal Reserve first lowered the overnight federal funds rate from 5.25% in August 2007 to zero in December 2008. It then turned to quantitative easing, purchasing housing agency debt, mortgage-backed securities, and longer-term Treasury bonds to stimulate the economy. While these policies helped the overall economy to recover, they may have harmed the banking sector. Banks accept safe short-term deposits and transform these into risky longer-term loans. They make a profit on the difference between the interest rate they earn on longer-term assets and the rate they pay of short-term deposits (the net interest margin). Low short-term interest rates and compressed spreads between long- and short-term interest rates may impair bank profitability. Bernanke and Gertler (J Econ Perspect 4:27–48, 1995) showed that reduced bank profitability can hinder their ability to extend loans. Bernanke (FRBNY Q Rev 18:50–70, 1993) noted that this is problematic because banks play a special role in channeling savings to promising borrowers. Financial markets are plagued by information imperfections. Savers release funds today for the promise of obtaining funds later. Whether they get repaid depends on the character of the borrower, the quality of the investment, the collateral that the borrower can provide, and other factors. The lender needs to consider these items and not just interest rates. Asymmetric information can thus hinder the flow of funds from savers to small businesses and other borrowers whose quality is hard to evaluate. Banks can bridge imperfect information problems because they have a comparative advantage because of the following reasons: (1) economies of specialization, as lending officers gain expertise in a particular industry; (2) economies of scale, as it is cheaper for bank to evaluate a loan than for small savers to; and (3) economies of scope, as it is cheaper to provide lending services together with other services. This paper investigates how lower short-term rates and falls in the spread between long-and short-term rates affect bank profitability. To do this, it investigates how these variables affect bank stock prices. Stock prices provide valuable information since they are the expected present value of future cash flows. The results indicate that falls in short rates and in the spread have caused large drops in bank stock returns after the GFC. Banks are also facing competitive pressures from Fin Tech firms and big technology firms. Their performance after the GFC has lagged other parts of the U.S. economy. They are thus vulnerable to negative shocks that could arise during a downturn or a crisis. The Fed should take account of the impact of their policies on the banking sector, since an interruption on the flow of credit through the financial system could prevent funds from going to the most promising firms. This misallocation of resources could then hinder long-term economic growth.

ГРОШОВО-КРЕДИТНА ПОЛІТИКА В КРИЗОВИХ УМОВАХ

The article is devoted to the study of conditions of application and influence of non-traditional monetary policy of central banks of developed countries on national economies and economies of emerging market countries. Based on critical analysis and systematization of basic research on the analysis of non-traditional monetary policy and its impact on the economies of different countries, it is substantiated that non-traditional monetary policy is a set of measures aimed at restoring the transmission mechanism and eliminating financial market imbalances. The main tools of non-traditional monetary policy are - previous management, quantitative easing; credit easing; negative interest rates, qualitative mitigation. Relevant areas of research on the financial performance of economies were also justified, as monetary policy directly affects interest rates, money supply, exchange rates, availability of credit, and through the financial sector to other sectors of the economy. During the aggravation of the economic and debt crisis, which had a negative impact on the Eurozone countries, investors' interest in CEE countries increased due to higher interest rates and the opportunity to make more profits. The study of the impact of the ECB's monetary policy on the financial indicators of Central and Eastern Europe revealed that the ECB's unconventional policy, including quantitative easing aimed at lowering long-term interest rates, affected the yield on government bonds of almost all EU countries, not only member states. euro area, which generally declined after 2014. Non-traditional monetary policy and an increase in the ECB's balance sheet also affect investment flows to CEE countries, but are mainly debt instruments in both direct and portfolio investment. The opposite situation is observed in the Eurozone countries with a high debt burden, especially in Greece and Italy. Despite the fact that the ECB's policy has led the euro area countries with a high level of debt to reduce the debt-to-GDP ratio, there is a tendency to increase the share of public debt payments to GDP. In this situation, the ECB simply cannot significantly change the purpose of its monetary policy, because any, even small, increase in the discount rate will lead to a new debt crisis in the Eurozone with its epicenter in Italy and Greece. The study of the impact of non-traditional policies of the Bank of Japan, the Fed and the ECB on the economy of Ukraine confirms the hypothesis that the actions of the ECB have the greatest impact on the financial performance of Ukraine. The analysis shows the impact of non-traditional monetary policy on the exchange rate of the Ukrainian hryvnia to the euro, US dollar and Japanese yen, but it was not significant. This is due to the fact that monetary policy in Ukraine only in 2015 actually moved from a fixed exchange rate to a floating exchange rate and began to apply inflation targeting. Announcements of non-traditional monetary policy have also affected government bond yields and stock indices, but the Ukrainian stock market is underdeveloped and has little effect. The main influence was the first programs of non-traditional monetary policy of the ECB, the USA and the Bank of Japan. In times when non-traditional measures were just being introduced and difficult to regulate and predict. Thus, it was proved that, on the one hand, unconventional monetary policy can stimulate economic growth, and on the other hand, create significant risks for further monetary policy opportunities to counter future crises.

Досвід використання нетрадиційної монетарної політики Європейським центральним банком

Досвід використання нетрадиційної монетарної політики Європейським центральним банком

Rezerv Opsiyonu Mekanizması ve Kredi İlişkisi

Küresel kriz sonrası gelişmiş ülkelerce tercih edilen genişletici para politikası uygulamaları, risk iştahının yükselmesiyle birlikte finansal piyasalarda ani fon hareketlerinin yaşanmasına neden olmuştur. Bu gelişmeler, fiyat istikrarını sağlama temel hedefi ile hareket eden merkez bankalarını yeni politika arayışlarına yönlendirmiştir. Geleneksel olmayan para politikası araçları çerçevesinde Türkiye Cumhuriyet Merkez Bankası tarafından geliştirilen araçlardan biri de rezerv opsiyonu mekanizmasıdır. Bu çalışmada 2011: 09 – 2019: 02 dönemine ilişkin Türkiye’de rezerv opsiyonu mekanizması kullanımı ile işletme ve tüketici kredileri arasındaki ilişki analiz edilmiştir. Hepsağ (2019)’ın geliştirdiği doğrusal olmayan asimetrik yumuşak geçişli hata düzeltme modeline göre değişkenler arasında uzun dönemli eşbütünleşik ilişkiye ulaşılmıştır. Anahtar Kelimeler: Rezerv Opsiyonu Mekanizması, Tüketici Kredileri, İşletme Kredileri JEL Sınıflandırması: E4, E5

Quantitative Easing as a Mechanism for Non-Traditional Monetary Policy and Implications of its Adoption in the Algerian Economy: Econometric Study using the ARDL Model

This study aims to identify some concepts related to non-traditional monetary policy instruments, including the quantitative easing tool, and discuss the main reasons for Algeria's adoption of this instrument.
 The study concluded that the adoption of the policy of quantitative easing in Algeria is not to affect economic variables but to finance the budget deficit. In order to estimate the impact of monetary issuance on economic growth for 2003Q1-2018Q4, the ARDL model was used, where the results resulted in a direct relationship between M2 and GDP.

Local Government Bonds, Land Finance and Systematic Financial Risk

Local government debt plays an important role in promoting economic development, but with the continuous expansion of the scale of local government debt, coupled with the opacity of financial and debt information, local debt risk may be directly transformed into financial risk. Therefore, the potential mechanism of local government debt risk inducing systemic financial risk is studied to strictly control local government debt and prevent it at present. It is of great practical significance to mitigate systemic financial risk. At present, the research on local government debt mainly focuses on the mechanism of local government debt to amplify economic fluctuations, while the potential mechanism of local government debt risk to induce systemic financial risk is relatively few. From the perspective of local government bonds and land finance, the innovation of this paper is to depict the Chinese elements such as the maturity of local government bonds, the opacity of debt and financial information, and to integrate local government debt, land finance and financial intermediaries into the framework of general equilibrium to analyze the potential mechanism of systemic financial risk induced by local debt risk. This study finds that when the economy is facing negative productivity shocks, the decline in total output will inhibit the land demand of households and enterprises, and the decline in land prices caused by the decline in demand will reduce the land-related fiscal revenue of local governments. On the one hand, the decline of land-related fiscal revenue will reduce government expenditure; on the other hand, it will increase the pressure on local governments to repay debt and the risk of debt, which will lead to the rise of bond interest rates and the decline of bond prices. Lower bond prices will affect the balance sheet of financial intermediaries, resulting in increased leverage and risk premium of financial intermediaries. Under the balance sheet constraints, financial intermediaries will shrink corporate credit, resulting in an increase in systemic financial risk. Rising interest rates and tightening credit will restrain enterprises’ investment and land demand, further reduce total output and land prices, increase the debt risk of local governments, and form a financial accelerator mechanism in the economy, which will lead to the mutual reinforcement of the debt risk and financial risk of local governments and form a vicious circle. In addition, when financial risk rises, the default risk of local government debt is lower. Based on the trade-off between risk and return, financial intermediaries will hold more local government bonds. Credit squeeze brought by asset allocation changes will further strengthen the financial accelerator mechanism and strengthen the interaction between debt risk and financial risk. Meanwhile, although extending the bond maturity can reduce the pressure of local governments to repay their debt in the short term, the longer the bond maturity is, the greater the financial shock and economic volatility caused by local government debt risk are. The paper indicates that: for resolving local government debt risk and reducing the probability of systemic risk, we firstly need to improve the local government bond market, diversify local government bond investors, and change the current situation dominated by commercial banks; secondly, we should strengthen budget constraints and control the scale of local government debt; thirdly, we should rationally design the maturity structure of local government bonds, strengthen the transparency of local government finance and debt information, and play the role of market constraints; finally, when financial risk rises, the central bank can adopt non-traditional monetary policy to intervene in the market, which can reduce financial risk and social welfare losses.

Transmission of monetary policy expectations on the money markets: Comparative analysis of nontraditional monetary policy regimes in Japan

AbstractWhen the Bank of Japan (BOJ) adopts interest rate targeting under a comprehensive easing policy, the term structure up to 12 months in the Japanese money market is driven by a single trend. It is caused by monetary policy expectations. The regime of interest rate targeting gives a sense of comfort to market participants that the regular transmission mechanism works in the term structure of the money market. Thus, monetary policy expectations are fully transmitted to the yield curve end. On the other hand, monetary policy expectations are not fully transmitted to the yield curve end under either the quantitative and qualitative easing policy or the negative easing policy. The quantitative and qualitative easing policy and the negative interest rate policy paralyze the market function in the short‐term money market.

Згортання нетрадиційної грошово-кредитної політики: обмеження і перспективи

The paper considers the monetary policy of leading world central banks that were used to overcome the global financial and economic crisis in 2008–2009. Advanced developed countries managed to overcome this crisis, primarily through monetary mechanisms. For this purpose, a non-traditional monetary policy was invented and applied for the first time. It included the following: quantitative easing with a corresponding rapid growth of central bank liabilities; de facto maintaining a plurality of their objectives, including ensuring financial stability and reducing unemployment; and expanded participation of central banks in financing governments' budget deficits. The measures taken helped to overcome the recession in developed countries and promoted the transition to a trajectory of economic growth. The current practice of monetary policy normalization, initiated in the United States, involves a gradual increase in the key interest rate and a curtailment of central bank balances. However, in many developed countries (EU), the practice of non-traditional monetary policy is still persistent and is an important factor for determining the trends of the global economy. In general, the results of this policy can be evaluated differently, but it is important for Ukraine to conclude on the relevance of monetary policy to stimulate economic development. Global volatility, increasingly determined by trade wars and other forms of protectionism in global economies, poses challenges (primarily in terms of maintaining/enhancing export and production capacity). For the economy of Ukraine, which is vulnerable to external shocks, these factors, combined with internal centres of instability, form a bunch of complicated tasks, in particular in terms of the cessation of further loss of investment potential, which should be addressed rationally by the monetary policy instruments.

Грошово-кредитна політика в умовах глобальної нестабільності: висновки для України

The paper considers the monetary policy of leading world central banks that have been used to overcome the global financial and economic crisis in 2008-2009. Advanced developed countries, which are current world’s technological leaders, managed to overcome this crisis, primarily through monetary mechanisms. For this purpose, a non-traditional monetary policy was invented and applied for the first time. It included the following: quantitative easing with a corresponding rapid growth of central bank liabilities; de facto maintaining a plurality of their objectives, including ensuring financial stability and reducing unemployment; expanded participation of central banks in financing governments’ budget deficits. The measures taken helped to overcome the recession in developed countries and the transition to a trajectory of economic growth. The current practice of monetary policy normalization, initiated in the United States, involves a gradual increase in the key interest rate and a curtailment of central bank balances. However, in many developed countries, the practice of non-traditional monetary policy is still persistent and is an important factor for determining the trends of the global economy. In general, the results of this policy can be evaluated differently, but it is important for Ukraine to conclude on the relevance of monetary policy to stimulate economic development. Global volatility, increasingly determined by trade wars and other forms of protectionism in global economies, poses challenges (primarily in terms of maintaining/enhancing export and production capacity). For the economy of Ukraine, which is vulnerable to external shocks, these factors, combined with internal centres of instability, form a complex of complicated tasks, in particular in terms of the cessation of further loss of investment potential, which should be addressed rationally by the monetary policy instruments.

Comparison of determinants in the different property sectors of Japanese REIT market under non-traditional monetary policy regimes

Stock price has a positive impact on the real estate investment trust (REIT) property sector index series (office, residential, and retail and logistics) in all three sample periods. Interest rate has no significant impact on any of the sectors in the REIT property sector index series under the comprehensive easing policy regime. On the other hand, interest rate has a negative impact on each of the sectors in the REIT Property Sector Index Series under the quantitative and qualitative easing, and the negative interest rate policy regimes. The negative impact of interest rate on the REIT market is larger under the quantitative and qualitative policy regime than it is under the negative interest rate policy regime. As regards the sensitivity of the three REIT property sectors to stock price and interest rate, no significant differences are found in any of the samples; the three different sectors are almost equally influenced by stock price and long-term interest rate in each sample.

Comparison of determinants in the different property sectors of Japanese REIT market under non-traditional monetary policy regimes

Comparison of determinants in the different property sectors of Japanese REIT market under non-traditional monetary policy regimes