Yield curve
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
Japan’s finance minister mulls purchase of BoJ’s ETF holdings
Analysts believe asset purchase programme is to stay for the time being
Strategic investment yields bigger impact than tactical, say managers
Central Banking Summer Meetings: Active investment is essential to understand market dynamics
Trends in reserve management 2023: survey results
Insights on inflation, asset diversification, geopolitical risk, risk management frameworks and ESG adoption
New BoJ governor announces monetary policy review
Bank of Japan keeps ultra-loose policy unchanged at Ueda’s first policy meeting
Challenges ahead for Ueda’s easing commitment
BoJ governor’s plan to maintain monetary easing until 2% inflation is hit may not be easy, writes Sayuri Shirai
People: First governor of Congo central bank dies aged 92
Deputy governors depart in Canada and Sweden; and more
BoE paper explores ‘anatomy’ of gilts crisis
Detailed account of crisis reveals contagion, concentrated risk and role of wider market players
US banking collapses muddy monetary policy outlook
Bank failures raise question of whether Fed can maintain stability while tightening policy
Can new BoJ governor Ueda maintain his neutral position?
Kazuo Ueda will face divided views on monetary easing and its growing side-effects when he takes office, writes Sayuri Shirai
Masayoshi Amamiya favoured to become next BoJ governor
Analysts reflect on next BoJ governor’s most pressing challenges and Kuroda’s legacy
Stefan Ingves on leadership, prudential oversight and transparency
The Riksbank and Basel Committee veteran speaks about his leadership philosophy, Basel III deal-making and concerns about regulatory rollback, the value of QE and negative rates, and the need for a legal architecture for CBDCs
BoJ should consider ending yield curve control – IMF
Fund warns inflation risks could force central bank to take “much stronger” action
Bank of Japan defies expectations of yield curve change
Governor says it will take time for last month’s yield curve tweak to play out
Bank of Japan surprises analysts with yield curve tweak
But governor Kuroda says the move is not a rate hike nor a step to end easy policy
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
Japan to conduct unscheduled bond-buying operations
BoJ announcement comes as yen nears 32-year low against the dollar
Gilt market shock ‘far exceeded’ historical price moves – BoE’s Cunliffe
“It might not be reasonable” to expect funds to insure against all extreme outcomes, deputy says
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
BoE becomes reluctant market-maker of last resort
Gilt market turmoil has again forced the BoE to intervene. Is there a better way?
BoE to buy bonds on ‘whatever scale is necessary’
Turmoil in gilt markets forces pension funds to dump assets to meet margin calls
ECB’s Lane and Schnabel strike different notes on eurozone inflation
Schnabel says “right tail” shift could herald de-anchoring, but Lane says other outcomes are possible
Israeli reserves increase on higher equity prices
Portfolio increases by over $4 billion in July to $197.8 billion
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai