The BoJ’s risky yield curve control experiment
The Bank of Japan (BoJ) made a fundamental change to its quantitative and qualitative monetary easing (QQE) in September 2016 by adopting yield curve control. This was a clear departure from the volume-centred easing framework and represented the official abandonment of monetary base control. Meanwhile, the BoJ also made it clear that its intention was to continue the ongoing pace of about ¥80 trillion ($717.5 billion) a year on Japanese government bond (JGB) purchases.
The resultant
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Operating framework
Central banks should abandon floor systems – BIS’s Borio
Abundant reserves are causing distortions and could hamper policy-making, economist says
ECB says Hungary has infringed central bank autonomy
Frankfurt says restrictions on bond buying interfere with monetary policy
New BoJ governor announces monetary policy review
Bank of Japan keeps ultra-loose policy unchanged at Ueda’s first policy meeting
Brazilian ex-deputy governor says inflation target too low
Mandatory public spending means Brazil will have higher inflation than peers
Bank of Canada may be set for billions of losses
Think-tank warns losses could pose reputational risk for central bank
Missed inflation target has ‘sizeable’ fiscal impact – paper
Persistent undershooting by ECB caused problems for countries with long-duration debt, authors say
New law gives BI monetary financing power during crisis
Law also adds mandate for central bank to support economic growth
ECB adjusts risk controls with eye on collateral availability
First assessment of climate risk in collateral framework concludes no climate-related changes needed