Bank of Japan (BoJ)
Shirai says Bank of Japan’s communication has ‘room for improvement’
Board member explains reasons for dissent in recent monetary policy meeting; says Outlook Report is unclear in some places and misleading in others
Japan government pension fund re-jig could see BoJ pick up $80bn in JGBs
Japan’s sovereign welfare fund signals could sell up to ¥8 trillion worth of domestic bonds; BoJ could potentially absorb them as it seeks to drive up the country’s monetary base
IMF gives its verdict on Abenomics
Article IV statement gives ringing endorsement to QQE in Japan; says ‘spillovers' may have adverse near-term effect on neighbours, but will be offset by benefits of economic strength in Japan
BoJ’s Kuroda highlights 'increasing attention' on capital controls
Bank of Japan governor notes greater understanding of volatile capital flows as a channel for financial shock transmission; says banking union may be plagued by 'financial trilemma'
Discontent on BoJ board over monetary policy outlook
Three board members suggest changes to the wording of the outlook for economic activity and prices as fears emerge over effects of continued QE; Kuroda and Miyao upbeat in separate speeches
Bank of Japan ¥2tn intervention fails to halt Nikkei slump
BoJ moves to calm bond volatility as Bernanke comments and China data spook Japanese markets
Kuroda says JGB volatility not hitting the real economy
Bank of Japan governor says central bank may take action to address spike in Japanese government bond yields but does not expect any significant impact on real economy yet
The case for nominal GDP targeting by central banks
Central banks have experimented with new monetary policy approaches, with nominal GDP targeting the latest idea to be put forward. Richard Werner looks at the empirical data supporting such a policy
BoJ paper suggests models may misrepresent impact of easing at ZLB
Working paper questions why many studies in monetary economics use model that does not account for zero lower bound; finds model tends to underestimate term premia
BoJ paper creates new framework for identifying monetary policy shocks
Working paper uses TVP-VAR model to identify the impact of conventional and unconventional monetary policy shocks on the real economy at the zero lower bound
BoJ minutes show thinking behind ‘extremely aggressive' easing
Bank of Japan monetary policy committee members were determined to grasp opportunity and make a clear statement to the markets, at meeting that heralded a new era in monetary easing
Bank of Japan raises ‘major concerns' over US foreign bank rules
Letter to Fed governor challenges proposed regulation of foreign banks on the basis of inconsistency with international standards and restrictive liquidity rules; Germans also weigh in
BoJ board more optimistic on inflation forecast
Updated forecasts by board members show expectations creeping closer to 2% target; lack of further monetary easing disappoints markets
Bank of Japan deputy governor warns over ‘fallacy of composition'
Role of central banks has evolved to include market-maker of last resort and global lender of last resort; however, they must keep a macro-prudential perspective
UK economists divided over BoJ easing
Treasury Select Committee witnesses debate whether BoJ radical easing will overcome decade of deflation; economists fear an ‘unruly spike’ in yields when quantitative easing is unwound
G-20 unconcerned about Japanese monetary easing
Meeting of G-20 finance ministers spent ‘much less time’ discussing currency moves than at their last meeting; warns US and others to watch for bubbles
BoJ's Miyao sees weaker yen as key to ending deflation
Leading proponent of monetary easing highlights a change in the dollar-yen exchange rate as key to hitting Bank of Japan's 2% inflation target
Kuroda outlines thinking behind monetary shock tactics
New BoJ governor says ‘quantitative and qualitative measures' will remain in place until inflation stabilises at the 2% level, and explains why he rejected a gradual approach to easing
IMF annual report says asset bubbles among risks of ‘MP-plus'
IMF warns of risk associated with loose monetary policy in the world's biggest economies, but says stance should remain 'very accommodative until recovery is well established'
BoJ minutes reveal tensions over asset purchase programme
Minutes of final meeting under governor Masaaki Shirakawa show disagreement over whether to loosen policy further, including changes to quantitative easing
Kuroda unveils radical plan to end Japanese deflation
Measures aim to double monetary base in two years, with asset purchases no longer constrained by banknote rule; mixed response as questions raised over whether yet more easing will work
Kuroda uncompromising on deflation
New Bank of Japan governor says the central bank will need to expand its asset purchase programme and firmly communicate its commitment to raising inflation
BoJ researchers find Japanese banks hold too many stocks and too few bonds
Working paper analyses optimal ratio of stocks to bonds for banks to hold; finds most Japanese financial institutions are overweight equities
BoJ researcher finds need for heterogeneous response to credit flows
Working paper shows global common factors account for a ‘quantitatively important’ portion of cross-border credit, but vary between regions; suggests need for tailored policy responses