BoJ's Shirakawa urges greater caution over financial innovation

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Masaaki Shirakawa, governor of the Bank of Japan, on Friday said central banks should be more active in monitoring the incentives and benefits of financial innovation, warning failure to do so could have harmful consequences on society.

At a conference on Welfare Effects of Financial Innovation held by Netherlands Bank, Shirakawa said that while financial innovation can help promote growth in a society, the recent financial turmoil had shown that too often, improperly aligned incentives in the f

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