Bank of Japan (BoJ)
BoJ board divided ahead of new governor appointment
Minutes detail arguments made by two policy board members who opposed move to 2% target, and why they were overruled; Shinzo Abe hints Bank of Japan could lose independence if target is not hit
G-20 vows to resist entering currency wars
Commentators including Paul Krugman and Christine Lagarde reject concerns over possible currency war, as G-20 reaffirms commitment to exchange rate flexibility
Japan holds rates as GDP drop leaves analysts unfazed
Bank of Japan to continue 'aggressive easing' as long as it judges it appropriate; analysts remain bullish despite fall in GDP last quarter
BoJ board member says 2% target is not sustainable
Takehiro Sato explains his vote against Bank of Japan’s inflation target change, and says central bank will not intervene to depress the value of the yen – but the government might
Robert Pringle’s Viewpoint: Assessing Masaaki Shirakawa’s legacy
The policies of outgoing Bank of Japan governor, Masaaki Shirakawa, have brought economic stability to Japan and are likely to be viewed favourably by future generations
People: Shirakawa to step down early; Cyprus creates new post of deputy governor
BoJ governor to leave his post ahead of end of term; Cyprus creates deputy governor post to help conform with Troika demands; and more
BoJ target leaves Japan inflation swap market unmoved
Doubling Japan's inflation target has had a limited impact on the domestic inflation market
Shirakawa warns US and Europe have more to learn from Japan's experience
BoJ governor gives his view on the role of central banks and monetary policy in a speech covering reactions to Lehman, the European debt crisis and the earthquake of 2011
BoJ says onus for recovery is now back with the government
Bank of Japan says monetary easing has ‘thoroughly permeated' the financial system; shifts onus back onto the government to tackle structural problems that are holding back growth
Fears over BoJ independence as central bank bows to government
Commentators express concerns over the Bank of Japan’s independence as the central bank introduces 2% inflation target and open-ended asset purchases
BoJ paper challenges FSB governance style
Discussion paper asks whether ‘new governance’ model used by Financial Stability Board is effective, and suggests possible avenues for reform
Abe adviser hints at possible BoJ governor candidates
Economic adviser to Japanese Prime Minister Shinzo Abe suggests possible names and criteria for the next Bank of Japan governor
BoJ’s Shirai hints deflation is partly out of the central bank’s hands
Sayuri Shirai says conquering deflation depends partly on demographic change, red tape and weak growth expectations, which the Bank of Japan has limited influence over
BoJ formally asked to double inflation target
Japanese government pressures Bank of Japan to increase short-run inflation target to 2%; no action likely before next monetary policy meeting on January 21–22
Nishimura wants change in macro-prudential focus
BoJ deputy governor says financial regulation should work counter-cyclically against demographic expansion to avoid fuelling property bubbles
Stiglitz slams ‘unconscionable’ central bank independence
Economist Joseph Stiglitz attacks central bank independence, saying conflicts of interest and recent interventions amounting to fiscal policy are unjustifiable for a non-elected body
BoJ research warns of unintended policy consequences from Libor
Working paper says reference rates such as Libor can provide valuable information to markets but may also skew central bank policy-making by adding noise to credit spreads
Central banks downsize in 2012
Number of central bankers falls by 1,500 to 471,000 in 2012; continues five-year trend of shrinking staff
BoJ boosts easing amid mounting political pressure
Policy board votes to increase asset purchases by ¥10 trillion ($119 billion); close proximity to election raises questions of political influence in decision
CB.com poll reveals concerns over inflationary impact of QE
Majority of participants believe extraordinary monetary policy measures will cause central banks to overshoot inflation targets
Central banks extend swap arrangements
Bank of Canada, Bank of England, European Central Bank, Swiss National Bank and US Federal Reserve extend temporary US dollar and bilateral swap agreements
The ghost at the IMF’s Tokyo feast
Robert Pringle looks back at the main themes of the IMF’s annual meeting, which was held in October in Tokyo, and forward to prospects for 2013
IMF paper studies SME financing as source of Japanese recovery
Research says restructuring small and medium-sized enterprises and deepening capital markets in Japan would better boost recovery than costly government support
Central bank policies fuel asset price rise, says BIS
BIS quarterly review says monetary easing is helping to push investors into riskier assets despite a weakening global outlook.