Bank of Japan (BoJ)
Divergent monetary policies are top concern for reserve managers in 2016
Reserve managers view divergent monetary policies among the world’s top central banks as the most pressing challenge they face in 2016; asset and currency diversification continues
Sato hits out at BoJ's negative rates
Board member warns negative rates in Japan may lead to tighter conditions and financial instability, as prime minister delays tax hike in face of deflation risk
Nakaso: BoJ should play leading role in global stability discussions
Greater co-operation needed among central banks to maintain global financial stability, says Japanese deputy; cites need for engagement and close monitoring
BoJ keeping options open on new technologies
Deputy governor Hiroshi Nakaso says the Bank of Japan is not planning to issue a digital currency any time soon, but is exploring the possibilities created by technological innovations
BoJ board members fear negative rates are damaging
Minutes show concerns over the effects of negative rates on confidence, communication and market turbulence
BoJ holds policy despite weakening expectations
Yen climbs as policy board keeps interest rates and asset purchases at existing levels; growth and inflation forecasts cut while there is “considerable uncertainty” around the outlook
BoJ sees operational issues dampen negative rate effect
Financial system report says combination of negative rates and QQE is helping push rates lower and prompting portfolio rebalancing, but “several factors” are holding the effects back
BoJ survey reveals growing pessimism over economy
Share of respondents who expect conditions to worsen over coming year rises to over one-third, although most believe conditions have stayed the same over the past 12 months, and will do so again
Kuroda: Negative rates having ‘visible’ impact on JGB yields
Bank of Japan governor Haruhiko Kuroda says rates are falling across the yield curve, falling negative up to a maturity of “around” 10 years; sees effects spreading in future
BoJ paper attempts to ditch Friedman rule with new model
Paper outlines model where mild inflation is welfare-optimising, in contrast to Milton Friedman’s rule implying mild deflation, which underpins many monetary models
Senior IMF figures support nominal negative rates
Negative nominal interest rates can help deliver additional monetary stimulus, senior figures at the IMF "tentatively" conclude
People: Shirai begins new chapter at Keio University; Sibley named as Irish director of credit institutions
After five years on the BoJ policy board, Shirai returns to academia; Ireland central bank names new director of credit institutions; and more
MAS and BoJ announce fintech push
Singaporean and Japanese central banks establish centres aimed at developing hyped sector; describe monetary authorities as ideal "catalysts" for technological development
BoJ’s Funo calls for efforts to revive potential growth
Board member uses first speech to back continued expansionary policy, highlighting steps that could help raise Japan’s potential growth from current depressed levels
Central banks struggle to manage price expectations
Large central banks have responded aggressively to falling levels of inflation and inflation expectations, but with divided and limited success. What can policy-makers do to restore confidence?
Nakaso considers how policy-makers could respond to low bank profitability
Bank of Japan deputy notes financial stability risks from monetary easing are low at present; considers how to respond to overheating or low profitability if necessary
BoJ establishes working groups to consider how to make best use of BOJ-NET
Working group to look at ways to make effective use of settlement system; BOJ-NET to process more transactions across time zones
Bank of Japan ramps up efforts to prepare infrastructure for disaster
Central bank calls for examinations of business continuity plans, learning from the 2011 earthquake, in rare report on payments landscape; BOJ-NET extends operating time
BoJ spells out operational details for negative rates
Policy board will review exemptions from negative interest rate every three months; banks given new incentive to borrow from the central bank under its targeted programmes
BoJ’s Nakaso insists deposit rates are not going negative
Deputy says a 'wide range' of interest rates will fall due to the BoJ’s negative rate policy, but experience in Europe implies depositors will not suffer
Sarb’s Lesetja Kganyago on divergent monetary policies and new supervision
The governor of the South African Reserve Bank talks to Christopher Jeffery about navigating divergent monetary policies, South Africa’s new supervisory regime and nurturing new talent
BoJ’s Nakaso sees analytical challenge in gauging reforms
Policy board member says the design of standard models may be one reason why it is hard to tell whether Japan needs demand- or supply-side reform
BoJ moves to ‘ease stress’ in JGB market
More generous limits applied to securities lending facility designed to alleviate strains in the market for government bonds, though liquidity indicators do not show clear signs of tightening
BoJ report spells out reasons for dissent on negative rate
Board members had wide range of concerns over cutting rate below zero, including communication challenges, risk of financial instability and danger of triggering a global race to the bottom