Bank of Japan deputy governor warns over ‘fallacy of composition'


Hiroshi Nakaso, deputy governor of the Bank of Japan (BoJ), has called on central banks and governments across the world to work together to "enhance the co-ordination and division of labour" between them, as well as co-operation among "central banks and fiscal authorities with a view to building an international safety net".

Nakaso addressed the evolution of central banks' roles as lenders of last resort, market-makers of last resort and global lenders of last resort, in remarks at an executive

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