Bank of Japan (BoJ)
People: Shirakawa returns to teaching; Bank of Ghana gets new deputy governor
Masaaki Shirakawa takes up position at a private university in Tokyo; Abdul-Nasirhu Issahaku called on to bring World Bank experience to Bank of Ghana; Rod Carr appointed to chair RBNZ board
MAS to lend Singapore dollars against JGBs
Monetary Authority of Singapore and Bank of Japan strike cross-border collateral arrangement; MAS looking to make it easier for banks to manage their liquidity needs
BoJ policy board member signals possibility of further measures
Takehiro Sato says the Bank of Japan could employ additional policy tools in its bid to double the monetary base; Abenomics gets public backing in parliamentary election
BoJ policy board divided over bond markets
Minutes from the Bank of Japan’s June meeting reveal members debated whether to introduce additional measures to stabilise long-term interest rates
BoJ paper examines consumer spending in low-interest rate environment
Research based on BoJ opinion survey finds that an individual with higher inflation expectations will tend to have increased their consumer spending when interest rates are at the zero lower bound
Bank of Japan holds policy as economy ‘starts to recover'
BoJ confident inflation will start to rise, as starts to see signs of recovery in the economy; keeps quantitative and qualitative easing programme in place
Impact of yen depreciation on Asian trade ‘not all that simple’, says BoJ board member
Weaker yen could benefit Japan's Asian trade partners due to cheaper 'intermediates', says BoJ’s Shirai
Japanese paper finds income elasticity of money demand has fallen over time
Update to 1996 paper finds cross-sectional income elasticities of money demand have plunged since the 1980s, to below one in the late 2000s
Bernanke plays down Jackson Hole importance
Kansas Fed's renowned symposium is a conference sponsored by just ‘one of the 12 reserve banks' says Bernanke, who declined to comment on his future following FOMC meeting
Central banks laying the seeds for ‘crisis in fiat money’, says UK MP Baker
Chair of UK parliamentary group for economics says a sharp correction in developed world sovereign bond prices could spark a collapse in confidence and challenge the sustainability of fiat money
BoJ minutes show concern over bond market pressure ahead of QE taper
Members at the May meeting of the Bank of Japan’s policy board agreed on the need for a ‘flexible’ approach to bond purchases as fears over the end of QE in the US push up long-term rates
Shirai says Bank of Japan’s communication has ‘room for improvement’
Board member explains reasons for dissent in recent monetary policy meeting; says Outlook Report is unclear in some places and misleading in others
Japan government pension fund re-jig could see BoJ pick up $80bn in JGBs
Japan’s sovereign welfare fund signals could sell up to ¥8 trillion worth of domestic bonds; BoJ could potentially absorb them as it seeks to drive up the country’s monetary base
IMF gives its verdict on Abenomics
Article IV statement gives ringing endorsement to QQE in Japan; says ‘spillovers' may have adverse near-term effect on neighbours, but will be offset by benefits of economic strength in Japan
BoJ’s Kuroda highlights 'increasing attention' on capital controls
Bank of Japan governor notes greater understanding of volatile capital flows as a channel for financial shock transmission; says banking union may be plagued by 'financial trilemma'
Discontent on BoJ board over monetary policy outlook
Three board members suggest changes to the wording of the outlook for economic activity and prices as fears emerge over effects of continued QE; Kuroda and Miyao upbeat in separate speeches
Bank of Japan ¥2tn intervention fails to halt Nikkei slump
BoJ moves to calm bond volatility as Bernanke comments and China data spook Japanese markets
Kuroda says JGB volatility not hitting the real economy
Bank of Japan governor says central bank may take action to address spike in Japanese government bond yields but does not expect any significant impact on real economy yet
The case for nominal GDP targeting by central banks
Central banks have experimented with new monetary policy approaches, with nominal GDP targeting the latest idea to be put forward. Richard Werner looks at the empirical data supporting such a policy
BoJ paper suggests models may misrepresent impact of easing at ZLB
Working paper questions why many studies in monetary economics use model that does not account for zero lower bound; finds model tends to underestimate term premia
BoJ paper creates new framework for identifying monetary policy shocks
Working paper uses TVP-VAR model to identify the impact of conventional and unconventional monetary policy shocks on the real economy at the zero lower bound
BoJ minutes show thinking behind ‘extremely aggressive' easing
Bank of Japan monetary policy committee members were determined to grasp opportunity and make a clear statement to the markets, at meeting that heralded a new era in monetary easing
Bank of Japan raises ‘major concerns' over US foreign bank rules
Letter to Fed governor challenges proposed regulation of foreign banks on the basis of inconsistency with international standards and restrictive liquidity rules; Germans also weigh in
BoJ board more optimistic on inflation forecast
Updated forecasts by board members show expectations creeping closer to 2% target; lack of further monetary easing disappoints markets