Bank of Japan (BoJ)
Japan lashed by the Fed
The Abe government is using a questionable reading of history to justify policies that are increasing rather than reducing the gloom over Japan’s prospects
BoJ’s Shirai explains why negative rates fit Europe better than Japan
Policy board member Sayuri Shirai says impact of rates varies according to market structure, noting differences in the type of investors and credit conditions in the jurisdictions
BoJ predicted to expand QQE, within limits
Analysts are predicting the Bank of Japan will increase asset purchases next month, but researchers are warning of speed bumps ahead
BoJ’s Kiuchi warns 2% inflation unlikely ‘even in fiscal 2017’
Policy board member says Japanese inflation is unlikely to reach the central bank’s 2% target by the end of fiscal year 2017
IMF urges central banks to retain easy monetary policy
Ahead of the G20 meeting in Turkey the IMF prepares a briefing on policy challenges; tells central banks to prevent real interest rates from ‘rising prematurely’
BoJ deputy urges thorough analysis of risk weight revisions
Hiroshi Nakaso calls for a cost-benefit analysis of proposed revisions to ‘standardised approach for credit risk’ that some market participants fear could restrict financing for development
Trawl through BoJ archives reveals emergence of current policy-making
Study of failures and successes of BoJ policy-making in the 1980s reveals the emergence of current thinking about how best to conduct monetary policy
BoJ’s Nakaso: ‘No serious problems’ with JGB liquidity
New data shows a drop in market depth, but QE is not threatened, says deputy governor
IMF paper warns Japan’s QQE may hit the buffers in 2017
Bank of Japan may have to look for new forms of monetary stimulus as it runs up against a shortage of government bonds, which could begin to distort markets
BoJ paper finds emerging markets struggled to protect themselves from QE
Foreign exchange interventions and capital flow policies did little to shield emerging markets from the spillovers caused by quantitative easing in the US
BoJ paper builds model of secular stagnation
Authors find scrapping the idea of a single representative household allows New Keynesian models to portray secular stagnation – and a high inflation target fixes the problem
BoJ’s Nakaso highlights changing behaviour of firms
Firms are increasingly investing and facing tighter labour market conditions, with record profits and higher wages providing a boost to the economy, but inflation is still stuck low
IMF urges Bank of Japan to 'stand ready' to up asset purchases
Article IV report says Bank of Japan should improve communication and be prepared to expand easing measures, as weak policy transmission creates a ‘conundrum’
Kuroda flags three traps Asia should avoid
BoJ governor points to three traps that threaten growth in Asia and says boosting productivity is the best way to avoid becoming ensnared
BoJ paper finds short and long-term expectations are anchored differently
Inflation expectations respond differently to changes in policies and inflation depending on whether they are short- or long-term, researchers find
BoJ paper sees signs of structural shift in pricing behaviour
Study finds rising exchange rate pass-through is in large part the result of a change in firms’ pricing behaviour, although why behaviour has changed remains unclear
Bank of Japan to shake up meeting framework
BoJ board plans to cut number of yearly meetings as part of major overhaul of deliberations aimed at making monetary policy more transparent
BoJ’s Sato says QQE becoming harder to implement
Takehiro Sato warns easing programme risks undermining confidence in central bank policy by eroding fiscal discipline, making interest rates harder to control
BoJ paper outlines idea of ‘natural yield curve’
Curve defines level of natural rate of interest at all maturities; authors suggest it provides a ‘useful benchmark’ for the conduct of monetary policy
Central bank liquidity surge is not without historical precedent
Major central banks have injected $14 trillion of liquidity into the global economic system, but such surges are not without historical precedent
Kuroda sees little difference between major central banks
Despite the different wording of the major central bank mandates there is ‘little practical difference’ between them, BoJ governor says
IMF staff tell BoJ to 'stand ready' to ease further
Statement at conclusion of IMF article IV warns inflation expectations 'broadly flat' in recent months; calls on BoJ to prepare for more easing and improve communication
BoJ’s Sato outlines efforts to reform repo market
Board member says Bank of Japan is seeking to improve repo market functioning with reforms targeted at transparency, stability, efficiency and globalisation
BoJ paper finds QQE has not ‘significantly’ damaged bond market liquidity
Researchers compile set of liquidity indicators, finding that while government bond market liquidity has not declined significantly, it has been on a downward trend since easing was ramped up