Yen
The BoJ’s possible path to positive rates
Are market expectations about a spring shift from negative Japanese rates credible, asks Sayuri Shirai
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
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
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
Bank of Japan to start CBDC pilot in April
Central bank presses ahead with designing a general purpose CBDC
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
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
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
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
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Japan to conduct unscheduled bond-buying operations
BoJ announcement comes as yen nears 32-year low against the dollar
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
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
BoJ conducts FX rate check amid falling yen
Analysts question whether FX intervention is feasible without monetary policy shift
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
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
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
Yen weakens further as BoJ stands by loose policy
Central bank stresses commitment to defending yield curve control despite exchange rate worries
IMF blog highlights rise of ‘non-traditional’ reserve currencies
Renminbi only accounts for a quarter of the shift away from dollars