Bank of Japan (BoJ)
BoJ holds rates as tax hike looms
Bank of Japan policy board holds QQE steady and maintains economic assessments in its last meeting before consumption tax hike comes into effect
Wages more sticky in the US than in Japan, BoJ paper finds
The empirical fit of the New Keynesian Wage Phillips Curve is generally superior for Japan, auhors note; inflation indexation plays a key role in the US, but is less important in Japan, they add
BoJ extends lending schemes as economic growth disappoints
Two schemes aimed at stimulating bank lending are expanded and extended as economic data falls below Bank of Japan expectations; analysts expect more easing next quarter
Public opinion of BoJ policy continues to dive
Bank of Japan survey shows majority of Japanese people now think interest rates are too low, while a growing proportion believe the economy will worsen over the next year
Unco-ordinated macro-prudential policies could result in ‘capital war’, says BoJ paper
Johns Hopkins professor argues that, absent any co-operation, countries across the globe will implement macro-prudential policies in a manner ‘reminiscent of an inefficient arms race’
BoJ mulls ‘more thorough’ communication
Minutes from December meeting reveal policy board members’ concern over market scepticism towards the BoJ’s path back to 2% inflation; suggest clarifying reaction function
Major central banks phase out dollar liquidity operations
ECB, BoE, BoJ and SNB will start scaling back the amount of dollar liquidity they offer to market participants in April in response to waning demand
BoJ’s Shirai warns against rush for 2% inflation at all costs
Sayuri Shirai says it ‘may be appropriate’ to take longer than two years to meet the central bank’s inflation target of 2%; stresses the importance of achieving the goal in a ‘stable’ manner
Kuroda draws on lessons from Paul Volcker’s Fed tenure
Bank of Japan governor Haruhiko Kuroda points to Paul Volcker’s success in lowering inflation expectations in the United States as proof of central banks' ability to influence markets
Kuroda calls for research into political constraints on monetary policy
Bank of Japan governor Haruhiko Kuroda stresses the need to understand more about the ‘political and administrative feasibilities’ that bind monetary policy
BoJ’s Sato says central bank is ‘breaking away’ from incremental policy
Policy board member Takehiro Sato says QQE marks a departure from the conventional incremental approach to policy-making; says additional easing could be ‘counterproductive'
BoJ will need ‘aggressive' re-capitalisation at end of QQE, top economist warns
Nomura chief economist warns the practice of handing over the profits from QE to the Japanese government means the central bank could find itself under-capitalised when the programme ends
Diminishing importance of US in world economy mutes knock-on effects, finds BoJ paper
Tightening monetary policy in the US in the 1990s had significant adverse effects in the rest of the world - but the following decade, despite increased global integration, the effects were less
Kuroda says Japan is on track to hit price target
Bank of Japan governor says the central bank’s QQE has brought about ‘positive developments’ that are spreading throughout financial markets and the real economy; sees inflation hitting 2% by 2015
Central bankers cannot fix Asia's economic woes, warn bank economists
Government-driven reform is urgently required to ensure continued development in Asia; India comes in for most criticism as market watchers turn attention to forthcoming plenary in Beijing
Leading central banks make emergency swap lines permanent
Six leading central banks are leaving bilateral swap agreements introduced during the financial crisis in place until further notice; US dollar liquidity-providing operations will continue as normal
IMF director delivers verdict on Abenomics one year on
Anoop Singh says Japanese prime minister’s stimulus plan has helped put Japan ‘at the centre of the global economic map’; tells Japan not to squander the opportunity
BoJ’s Iwata draws lessons from ‘Takahashi economic policy’
Current Bank of Japan deputy examines former governor and finance minister’s success in lifting Japan out of deflation in the 1930s; underlines importance of expectations, both past and present
IMF paper warns half-hearted Japanese reforms would push up long-term rates
Researchers say long-term yields and banks’ interest rate exposures will increase if structural and fiscal reforms are not seen through to the end
BoJ research proposes new method for ‘nowcasting’ GDP
Paper designs static factor model using ‘ingredients’ of official quarterly GDP statistics to estimate growth over a shorter time horizon
Kuroda touts QQE success in Washington
BoJ governor tells Bretton Woods Committee that Japan's aggressive monetary easing policy is ‘exerting its intended effects'
US resolution on debt ceiling ‘critical for global economy’, says BoJ’s Nakaso
Bank of Japan deputy governor Hiroshi Nakaso says the biggest threat to the US economy is the on-going dispute between politicians in resolving the debt ceiling; QQE in Japan remains on track
Japan’s ministry of finance issues inflation-indexed JGBs after five-year absence
First linker issuance in Japan since 2009 is 3.7 times oversubscribed but success of future auctions will depend on the Bank of Japan’s ability to deliver 2% inflation
BoJ’s Shirai says Japanese forward guidance is different from BoE and Fed's
Sayuri Shirai emphasises differences between Bank of Japan’s forward guidance and that employed by the Fed and Bank of England; refutes BoE claim that BoJ’s guidance is ‘open-ended’