Bank of Japan (BoJ)
BoJ’s Shirai hints deflation is partly out of the central bank’s hands
Sayuri Shirai says conquering deflation depends partly on demographic change, red tape and weak growth expectations, which the Bank of Japan has limited influence over
BoJ formally asked to double inflation target
Japanese government pressures Bank of Japan to increase short-run inflation target to 2%; no action likely before next monetary policy meeting on January 21–22
Nishimura wants change in macro-prudential focus
BoJ deputy governor says financial regulation should work counter-cyclically against demographic expansion to avoid fuelling property bubbles
Stiglitz slams ‘unconscionable’ central bank independence
Economist Joseph Stiglitz attacks central bank independence, saying conflicts of interest and recent interventions amounting to fiscal policy are unjustifiable for a non-elected body
BoJ research warns of unintended policy consequences from Libor
Working paper says reference rates such as Libor can provide valuable information to markets but may also skew central bank policy-making by adding noise to credit spreads
Central banks downsize in 2012
Number of central bankers falls by 1,500 to 471,000 in 2012; continues five-year trend of shrinking staff
BoJ boosts easing amid mounting political pressure
Policy board votes to increase asset purchases by ¥10 trillion ($119 billion); close proximity to election raises questions of political influence in decision
CB.com poll reveals concerns over inflationary impact of QE
Majority of participants believe extraordinary monetary policy measures will cause central banks to overshoot inflation targets
Central banks extend swap arrangements
Bank of Canada, Bank of England, European Central Bank, Swiss National Bank and US Federal Reserve extend temporary US dollar and bilateral swap agreements
The ghost at the IMF’s Tokyo feast
Robert Pringle looks back at the main themes of the IMF’s annual meeting, which was held in October in Tokyo, and forward to prospects for 2013
IMF paper studies SME financing as source of Japanese recovery
Research says restructuring small and medium-sized enterprises and deepening capital markets in Japan would better boost recovery than costly government support
Central bank policies fuel asset price rise, says BIS
BIS quarterly review says monetary easing is helping to push investors into riskier assets despite a weakening global outlook.
BoJ paper finds noisy reference rate can create volatility
Working paper studies effect of reference rates on stabilising or destabilising interbank markets; finds noise in rates reported by large banks can feed volatility and impair monetary policy
BoJ’s Nishimura sees potential for $180 billion funding for lending
Under Bank of Japan’s ‘stimulating bank lending facility’, banks could receive up to 15 trillion yen ($180 billion) in low-cost funding, says deputy governor
Shirakawa defends role of market prices in policy-making
BoJ governor says price movements in financial markets were mishandled before the crisis, but they do reflect the wider economy and can be useful to central banks
BoJ’s Shirai examines link between demographics and monetary policy
Sayuri Shirai says the Bank of Japan has been forced to respond to the twin challenges of an ageing population and a string of economic crises, making monetary policy-making difficult
Shirakawa deflects criticism over off-target inflation
BoJ chief says Japan needs stronger growth potential for effect of loose monetary policy to feed through fully; urges government to take action
BoJ deputy urges collaboration to tackle issues of ageing population
Kiyohiko Nishimura warns of ‘grave consequences’ if economic effects of demographic change are not given more attention; says regulation needs a clear focus
Japan heading for recession as economy contracts in third quarter
Bank of Japan’s back-to-back monetary easing in October was due to a significant weakening in the country’s economic outlook
QE sliced unemployment by 1.5 points, says Fed’s Williams
San Francisco Fed president says Fed's forward guidance on rates has narrowed Treasury yields by 15-20 basis points, about the same amount as QE2; asset purchases have cut unemployment by 1.5 points
BoJ paper evaluates zero interest rates in 1990s
Bank of Japan study considers the impact of zero interest rates and quantitative easing during the 1990s; says it had expansionary effects
BoJ expected to counter overseas monetary policy, minutes reveal
Bank of Japan minutes show senior Japanese government officials made demands of the Bank of Japan during its October policy meeting
BoJ mirrors BoE’s FLS and steps up easing
Bank of Japan launches scheme with similarities to Bank of England’s funding for lending and steps up the size of its asset purchase programme by $138 billion
RBNZ’s new governor rejects QE and capital controls
Reserve Bank of New Zealand’s Graeme Wheeler sees no need to introduce a ‘desperate’ measure such as quantitative easing in the country; rules out use of capital controls to limit kiwi dollar appreciation