Japan
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Thesis that QE caused low r* is entertaining and infuriating in equal measure
BoJ to test CBDC next year, reports say
Two-year pilot project will examine whether digital currency can work without internet access
BoJ maintains ultra-loose monetary policy
Kuroda says BoJ has no plans to tighten policy soon and warns over risks from weak yen
Japan to conduct unscheduled bond-buying operations
BoJ announcement comes as yen nears 32-year low against the dollar
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Japan intervenes in FX market for first time in 24 years
Yen falls below 145 to the USD after BoJ kept ultra-low rates unchanged
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
BoJ conducts FX rate check amid falling yen
Analysts question whether FX intervention is feasible without monetary policy shift
Japan unlikely to bolster yen, analysts say
BoJ governor and finance minister say rapid shifts in currency are “undesirable” and “unfavourable”
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
CBDC launch still on the table, BoJ says
Senior official dismisses media reports on cancellation of CBDC plans
The case for restoring the role of monetary aggregates
Surge in money supply in response to Covid-19 triggered rampant inflation
BoJ unlikely to move policy to counter yen weakness
Bank wary of raising rates or increasing its yield control target, writes Sayuri Shirai
People: World Bank appoints Gill as chief economist
Two members join Bank of Japan board, and senior IMF officials Lester and Rice step down
Bank of Japan holds rates and increases inflation forecast
MPC predicts inflation will reach 2.3% this fiscal year but then fall back below target
Cash, not trash: the second lives of substrate
Central banks and their banknote providers are taking a range of approaches to recycling cash
BoJ to study impact of CBDC on bank deposits
Report says safeguards needed to prevent possible “rapid shift” from bank deposits to CBDC
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
Japan and Soramitsu to conduct Asia-Pacific CBDC studies
Observers note de-dollarisation and spread of e-yuan as potential motivations
BoJ board members concerned over yen’s volatility
Rate-setters differ over implications of currency depreciation, minutes show
Yen weakens further as BoJ stands by loose policy
Central bank stresses commitment to defending yield curve control despite exchange rate worries