GUNJI Hiroshi   Faculty of Economics Department of Modern Economics   Professor

■ Title   Did the Bank of Japan's purchases of exchange-traded funds affect stock prices? A synthetic control approach

■ Outline   This study investigates the effect of the Bank of Japan's large-scale exchange-traded fund purchasing programme since 2013 on stock prices using a synthetic control method. We use the stock price indexes of 27 OECD countries as a control group and estimate the time-series data of the synthetic stock price index of Japan. The index in Japan increased gradually relative to the synthetic Japanese index from 2013. This result suggests that the Bank of Japan's intervention in the stock market is distorting stock prices and should be reconsidered.   Kohei Aono, Hiroshi Gunji, and Hayato Nakata   Collaboration   Applied Economics Letters   Taylor & Francis   29(20),pp.1859   2022

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