Bank of Japan (BoJ)
Executives face pay cut at Bank of Japan
The Bank of Japan (BOJ) said last Tuesday that it will cut annual pay for its executives for fiscal 2003 by 2.9% from the previous year, Kyodo News reported. The decision follows a cut by the same margin in fiscal 2003 pay for special government…
Japan's economy minister: how to end deflation
Economy minister Heizo Takenaka has said that Japan's deflation could be overcome if the Bank of Japan can increase money supply growth and the government were able to increase demand through deregulation and clean up the banking system, according to the…
BOJ's Fukui speech to IMFC on Japan's economy
Toshihiko Fukui, Governor of the Bank of Japan, speaks to the International Monetary and Financial Committee on the Japanese economy (he reiterated that "The BoJ is firmly committed to maintaining its current policy stance until the consumer price index…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 7 and 8 August 2003, released 18 September. On the outlook for Japan's economy, members agreed that the standard scenario remained valid: the uptrend in exports and production would resume…
Bank of Japan upgrades view of economy
The Bank of Japan raised its assessment of the Japanese economy in its September monthly report, published on September 16. According to Associated Press, the report said that "Economic activity still continues to be virtually flat as a whole although…
Bank of Japan leaves monetary policy unchanged
The Bank of Japan said on Friday 12 September at the end of its two-day meeting that it would leave monetary policy unchanged,according to AFX-ASIA. The BoJ said in a three-paragraph statement that the central bank will "conduct money market operations,…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 25 June 2003, released 13 August. Members exchanged views on a numerical target for price stability. One member stressed that the Bank should make a stronger commitment to overcome deflation, and…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 14 and 15 July 2003, released 13 August. A different member said that the main feature of the Bank's policy commitment was that the policy duration changed flexibly, and thus the expected duration…
Bank of Japan sees 'virtually flat' economy
The Bank of Japan's August monthly report published on Monday 11 August said "economic activity remains virtually flat", according to Reuters, and on job conditions it said the situation remained tough although the number of people in work had stopped…
Who will be the banker bet?
This article in the Financial Times looks at the current crop of top central bankers and asks who will secure their place in history as a trustworthy custodian of the economy? Timing is everything, and while Alan Greenspan would have been a "no contest"…
Bank of Japan keeps monetary policy steady
After buoyant economic data suggested that the Japanese economy's problems may be easing, the Bank of Japan decided to keep monetary policy unchanged at its Friday meeting, according to Associated Press.
BOJ to punish staff for faulty data-gathering
The Bank of Japan is to discipline officials who failed to correct errors in the calculation of data relating to unsecured debt instruments issued by companies to procure funds, according to East Day. The measures are designed to prevent public…
Extracting rate expectations, Japan's bond prices
Working Paper from the Bank of Japan's Financial Markets Department entitled "Extracting Market Expectations on the Duration of the Zero Interest Rate Policy from Japan's Bond Prices". The paper aims to extract the expectations of market participants on…
Bank of Japan plans to open office in China
The Bank of Japan plans to open an office in China, according to Bloomberg. In a statement the BoJ said "China is playing a growing role in the global economy and its ties with the Japanese economy are also becoming stronger".
Fukui on prospects for future of Japan's economy
In the speech 'Prospects for the Future of Japan's Economy' given on 23 July Toshihiko Fukui of the Bank of Japan said for Japan's economy to resolve the problems it faces and move forward, firms and individuals must become active in seeking new value…
BOJ's Muto cites side effects of JGB buying
In the text of a speech published on Friday 25 July, Bank of Japan deputy governor Toshiro Muto said "Buying of 1.2 trillion yen a month represents a significantly high pace", according to a Reuters report. He suggested the policy had had some negative…
BoJ's Fujiwara - Inside a Monetary Policy Meeting
In a speech on 'Inside a Monetary Policy Meeting' Sakuya Fujiwara of the Bank of Japan said transparency of the Bank of Japan's conduct of monetary policy has been enhanced by Monetary Policy Meetings. I attach special importance to increasing the…
Ueda on Japan's deflation and policy response
In a speech on 'Japan's Deflation and Policy Response' Kazuo Ueda of the Bank of Japan said the deflation of general prices has not been the major problem in Japan. Instead, asset price deflation and its interaction with the financial system and the…
BoJ willing to take risks to fight deflation
Giving a lecture in Tokyo on Wednesday 23 July, Bank of Japan governor Toshihiko Fukui signalled a willingness to fight Japan's economic slump made worse by deflation. Associated Press reports that Fukui said the BoJ "is willing to take unlimited risks…
Bank of Japan Monthly Report, July 2003
The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, July 2003, on 17 July. The Report said business fixed investment is on a gradual recovery and while it reiterated that economic activity remains "virtually flat…
BOJ's Fukui says stock gains outweigh bond losses
Toshihiko Fukui said the Bank of Japan has no plan to "step in" and manipulate bond yields. Speaking at a monthly press conference he said Japanese banks probably earn more from stock market gains than they lose from lower bond prices, Bloomberg reported.
Bo J's money market operation guideline unchanged
At the Monetary Policy Meeting held 15 July, the Bank of Japan decided, by unanimous vote, to set the following, unchanged, guideline for money market operations for the intermeeting period.
BOJ's Fukui affirms vow to keep rates near to zero
Bank of Japan Governor Toshihiko Fukui has said the BOJ will continue to keep interest rates close to zero until consumer prices become positive, Bloomberg reported. The comment comes after bond yields more than doubled since June 11 as hopes for an…
BOJ is watching bond yields 'closely' Suda says
Bank of Japan board member Miyako Suda said in a speech that the BoJ is closely watching the bond market but it will take time to assess the effect of asset prices on the economy, according to a report by Bloomberg.