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Raphaël Gallardo

Investment & Client Solutions Strategist

Bank of Japan: the impossible task

25.04.2016 - Raphaël Gallardo

Market analysis by Raphaël Gallardo, strategist of Investment and client solutions.

"The governor of the Bank of Japan (BoJ), Haruhiko Kuroda, was given a clear mandate by the Prime Minister in 2013, to end the deflationary pressure which had been weighing on the country since 1998. In order to do so, the governor implemented an ultra-aggressive monetary strategy, based on massively increasing securities purchases by the central bank and by including more risky securities in the asset purchase program, particularly listed real-estate investment companies and equity ETFs. Three years after the launch of this quantitative and qualitative easing program (QQE), it is clear that the results have fallen short of initial expectations."


Read further in Asset Allocation Outlook April 2016

Raphael Gallardo graduated from the Ecole Nationale Supérieure des Mines de Paris, civil engineering course.

Raphael Gallardo began his career as a financial Engineer at Paribas in 1997, before joining the Economic Research division of BNP Paribas in 1999 and the Asset Management in 2005. In 2007, he became a Chief Economist at Axa IM.

He joined Natixis Asset Management in 2013 as an Investment & Client Solutions Strategist.