Japan
Inflation targets back in the spotlight
Monetary policy can do little to offset the impact of Covid-19
Major central banks ready to respond to coronavirus
Fed, ECB and Bank of Japan say they are willing to act; central bank events disrupted
Policy responses to Covid-19
The coronavirus outbreak poses a real threat to the global economy, writes Sayuri Shirai
Do low rates spur investment?
Many believe low interest rates spur investment, but there appears to be little hard evidence to support such claims, writes former IMF head Jacques de Larosière
Economist joins Bank of Japan’s rate-setters
BoJ board member in favour of continued QE but has expressed doubts on negative rates
Book notes: The power of money, by Robert Pringle
Economists would benefit from reading this “remarkable” book, which contains “brilliantly written snapshots” about money’s historical and social roles
ECB and BoJ point to major problem in DLT-based payments
Latest “Project Stella” report says central source of information could create single point of failure
Central banks must learn lessons of BoJ’s inflation target rise – Fed paper
Failure to hit old targets and disagreement among policy-makers will harm credibility, paper argues
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
Demand for cash remains solid in many parts of the world
Sayuri Shirai re-examines the decline of cash use worldwide
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
BoJ weighs further stimulus as tax hike bites
But central bank may be reluctant to add more stimulus while tax hike effects are uncertain
Central banks must use “unconstrained” negative rates, Rogoff tells ECB
Policy-makers must ensure cash depreciates against electronic money, or face failure, Rogoff says
Japan’s public debt financing strategy may be unsustainable – research
Public sector financing of its own borrowing hit by losses at public companies and volatility
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
Rate round-up: Fed triggers further global easing
Fed cut prompts flurry of action, with many central banks hinting at a more dovish stance
BIS: forex volumes rise to $6.6 trillion as London trading soars
While the UK capital reinforces its prominence in forex markets, trading in Asian currencies heats up
Negative rates could lower inflation expectations – San Fran Fed paper
Japanese inflation expectations fell after BoJ introduced negative rates, researchers find
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
BoJ ‘will not hesitate’ to ease further if risks crystallise
Central bank adopts dovish outlook, amid “significant” risks to economic activity and prices
Central bank ‘put’ can harm market function – Kuroda
BoJ chief says easing measures are working, but central banks must be wary of side-effects
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
BoJ moves quietly away from negative rate
Bank of Japan reduces number of current account balances charged a negative interest rate in bid to ease pressure on bank profits