Articles by Sayuri Shirai
Time to worry about Japanese debt?
The transition to positive rates means Japan may need to re-examine its huge public debt burden, argues Sayuri Shirai
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
BoJ hawkishness due to weak yen belies wage inflation concerns
The contrast in Japan-US economic, price and wage performance and their implications for monetary policies
The BoJ’s possible path to positive rates
Are market expectations about a spring shift from negative Japanese rates credible, asks Sayuri Shirai
Book notes: The crisis of democratic capitalism, by Martin Wolf
A sincere attempt to explain and fix the failing of capitalism in liberal democracies
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
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
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
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
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 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
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Green finance and mispricing: what role for central banks and governments?
Governments and central banks cannot stay on the sidelines if they are to fix market mispricing, says Sayuri Shirai
ESG investment must grow to achieve zero carbon emissions
Action is needed to scale up green investment and tackle information issues, writes Sayuri Shirai
The Bank of Japan must adjust its monetary policy
Sayuri Shirai says the central bank needs to make its policy more sustainable. The BoJ is running out of ways to generate further monetary stimulus
Japan’s economy needs bolder policies
PM Abe announces decision to step down with many goals still unachieved
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
The Tokyo Olympics: downside risks prevail
The Bank of Japan’s latest stimulus effort seems to be weak, and comes at a time when the benefits of hosting the Tokyo Olympics may be overstated – even if the games still take place
Policy responses to Covid-19
The coronavirus outbreak poses a real threat to the global economy, writes Sayuri Shirai
Demand for cash remains solid in many parts of the world
Sayuri Shirai re-examines the decline of cash use worldwide
Do stablecoins like libra differ from other crypto assets?
Sayuri Shirai assesses the implications of stablecoins for stability, monetary policy and regulation
Putting modern monetary theory to the test
Sayuri Shirai asks whether MMT might hold the solution to Japan’s stagnation
Motivations and prospects for central bank digital currency
Sayuri Shirai surveys the many forces driving increased interest in CBDC, and its flip side – changing cash dynamics
What next for the BoJ’s unprecedented ETF experiment?
No other central bank has attempted such purchases, and exiting the policy may prove extremely challenging, says Sayuri Shirai