Bank of Japan (BoJ)
The future of balance sheet policies
Central banks are expected to resort to a range of balance sheet activities to fight the next downturn. William Towning investigates what tactics they may deploy
BoJ ‘will not hesitate’ to ease further if risks crystallise
Central bank adopts dovish outlook, amid “significant” risks to economic activity and prices
Central bank ‘put’ can harm market function – Kuroda
BoJ chief says easing measures are working, but central banks must be wary of side-effects
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
BoJ moves quietly away from negative rate
Bank of Japan reduces number of current account balances charged a negative interest rate in bid to ease pressure on bank profits
Putting modern monetary theory to the test
Sayuri Shirai asks whether MMT might hold the solution to Japan’s stagnation
Fed should consider yield curve targeting – Brainard
NY Fed research outlines how US central bank could target longer-run interest rates
BoJ vows to continue ‘powerful’ easing for longer
Central bank promises low rates will last longer, and unveils raft of other measures
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
BoJ downgrades economic outlook as regional growth disappoints
Haruhiko Kuroda remains positive and says robust domestic demand could offset some of the weaknesses in exports
Fed’s rate pause puts pressure on BoJ
Fed’s dovishness could pull JGB yields lower and put upward pressure on the yen
Kuroda warns of more QE if yen continues to strengthen
But Bank of Japan continues to cut purchases of Japanese government bonds
Five digital currency questions for central banks
Central bankers need to take a view on the ongoing disruption to monetary systems, rather than simply expecting the issue will go away, argues Adam Csabay
BoJ minutes show disagreement over outlook
Not all members agree on how low 10-year yields should be
Only Fed could respond to fresh downturn, Axel Weber says
Most central banks have no room for manoeuvre, says former Bundesbank president
BoJ cuts inflation forecast in fourth consecutive outlook report
Central bank maintains interest rates and yield curve control
BoJ must normalise policy to cope with ageing population – former official
Japanese firms face labour shortages and limited ability to raise prices- Shirai
Individual bank diversification can increase systemic risk, researchers find
Banks that are not systemically important can be ‘systemic as a herd’, authors say
Kuroda defends BoJ’s asset purchases
Central bank could face problems when it unloads ETFs, former senior official warns
Communication of monetary policy took back seat in financial crisis, researchers find
ECB press conferences transmitted non-monetary information in 65% of cases from 1990 to 2017, researchers find
BoJ’s monetary easing criticised as balance sheet passes 100% of GDP
Central bank’s QQE has had limited impact but a wind-down poses significant risks, Sayuri Shirai warns
Japan does not need more large-scale stimulus to avoid deflation – Kuroda
Below-target inflation still requires ultra-low interest rates and asset purchases
Bank of Japan on hold as inflation slips
The central bank keeps negative rates despite warning about the policy’s risks
Sino-Japanese political optics right for $30bn swap and Tokyo RMB clearing
BoJ and PBoC agree local currency swap line after long delay; Bank of China set to be RMB clearer in Tokyo