Bank of Japan (BoJ)
BoJ’s Sato explains QE dissent
Board member who voted against expansion of QE in October says he already sees a ‘virtuous circle’, meaning more asset purchases bring high risks will little reward
BoJ launches ‘plain language’ economics journal
‘Research Lab’ journal aims to convey Bank of Japan’s research in a ‘concise and plain’ fashion, with the publication tailored for mobile phone and tablet users
BoJ’s Nakaso sees opportunities for payments innovation
Options on the table include 24-7 real-time payment systems, improved cross-border linkages and better financial messaging systems
BoJ minutes reveal fears of QE ‘side effects’
Minutes from meeting that saw central bank ramp up asset purchases reveal concerns among board members; Kuroda and Nakaso speak in defence of the policy
The shift to a multi-polar world
Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions
Kuroda wins over BoJ policy rebels
Three of four dissenters at the last policy meeting line up behind Bank of Japan’s expanded easing programme as inflation slips lower
Robert Pringle’s Viewpoint: Time to cure central bankers’ deflation phobia
The policies followed since the ‘great crisis’ have not succeeded in restoring confidence. It is time to try a different approach
Snap election spells headache for BoJ
Shinzo Abe calls snap election to bolster support for delaying a planned tax hike, but the move has implications for the Bank of Japan’s quantitative easing programme
BoJ’s Sato sees macro-prudential comms issue
Policy board member identifies three issues surrounding the implementation of macro-prudential measures – timing, communication and spillovers
BoJ paper finds US crisis policy more impactful on markets than European measures
Authors test policy responses to the global financial crisis including monetary, liquidity and financial sector policies, finding US announcements led to higher abnormal returns
Lagarde approves of BoJ’s ‘brave’ decision to launch more QE
IMF managing director describes ramping up of asset purchases as ‘perfectly legitimate’ and ‘brave’ on high-level panel in Paris; Yellen, Coeuré, Rajan and Carstens also feature
BoJ team surveys payment innovation landscape
Central bank lays ground for retail payments innovation in Japan with survey of what has been tried elsewhere; highlights different forces driving change in each country
Kuroda affirms determination to ‘drastically convert’ Japan’s deflationary mindset
BoJ governor stresses commitment to continue with drastic policy measures until the ‘chronic disease of deflation’ is eradicated, in first speech since quantitative easing was ramped up
Split BoJ shocks markets with extra stimulus
Divided board narrowly votes in favour of a substantial boost to asset purchases; analysts note uncanny timing with government pension fund’s plan to add risk
BoJ paper details approach to macro stress testing
Tests feature model of feedback loop between economic and financial sectors, in attempt to gauge the ways in which shocks may reverberate through the economy
Rates: BoJ maintains pace of asset purchases; RBA holds steady
Bank of Japan continues pace of asset programme despite some dissenters; RBA holds rates with growth persisting below target and signs of spare capacity
BoJ paper studies factors holding workers back from switching industries
Researchers find that differences in required tasks aggravate earnings gaps and encourage workers not to move, creating frictions in the Japanese labour market
Iwata says Japan’s exports headed for a ‘moderate increase’
The ‘sluggishness in emerging economies’ has provoked ‘some weakness’ in Japan’s exports, says the deputy governor of the Bank of Japan, but this should ‘gradually disappear’
BoJ focused on ‘underlying trend of prices’
The Bank of Japan kept policy steady in August; minutes from policy board meeting reveal members’ discussion about importance of using a range of price indicators
BoJ’s Ishida homes in on private consumption
Policy board member says expectations of future income growth will have to increase if private consumption is to continue driving Japan’s economic recovery
Governors and deputies address labour market conundrums at Jackson Hole
Brazil's Tombini, Japan's Kuroda and BoE deputy Ben Broadbent offer their takes on ‘new natural' unemployment rates, weak productivity growth and central bank remedies
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
Bank of Japan expects inflation to remain short of target for ‘some time'
BoJ policy board votes to continue expanding monetary base by ¥60-70 trillion annually; effects of recent decline in demand ‘expected to wane gradually'
Shrinking BoJ balance sheet will take longer post-QQE than in 2006
Economist says unwinding the BoJ’s asset purchases will take longer when QQE finishes than it did at the end of QE in 2006, because this time it is buying bonds with longer maturities