Japan
The future of forward guidance
BNP Paribas Asset Management explores the current landscape around forward guidance, focusing on how central banks’ methods of communication are likely to evolve in the future. By Richard Barwell
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and comprehensive book for anyone wanting overview of monetary policy evolution over recent decades
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella
BoJ forecasts weaker inflation but stronger growth
Inflation still negative in Japan but likely to inch above zero this year, forecasts suggest
Covid-19 support may have created “zombie firms” – BIS economists
Policy-makers should impose tighter lending standards and reform bankruptcy law, analysts argue
HKMA and BoJ launch new securities settlement framework
New “delivery versus payment link” aims to reduce settlement risk
BoJ must prepare thoroughly for CBDC – Kuroda
Central bank should not rush issuance of CBDC, governor says
BoJ adjusts easing measures amid market distortion fears
Central bank announces lending incentives and more flexibility in yield curve control and ETF buys
People: Elderson approved as vice-chair of ECB supervisory council
Former Canadian deputy Wilkins joins insurance company; news from Japan and Rwanda; and more
The Bank of Japan must adjust its monetary policy
Sayuri Shirai says the central bank needs to make its policy more sustainable
Bank of Japan to start testing digital yen
BoJ embarks on year-long pilot programme to test functionality
The Covid crisis, central banks and the future
Crisis responses were needed, but have exacerbated significant underlying challenges facing central banks
Ulrich Bindseil on the launch of the digital euro
ECB’s payments head speaks about the functionality, tiering and technology of the eurozone’s planned CBDC
Bank of Japan launches policy review as deflation worsens
BoJ considers further monetary easing and extends special loan programmes
Whither the age of ‘magic money’?
EME central banks are more exposed at a time of ‘close to free lunch’ money
ECB is caught in a ‘communications trap’ – Issing
Monetary policy architect says ‘close to’ 2% inflation target was never part of original plan
The dawn of average inflation targeting
Failure to explain how the Fed calculates its ‘average’ for AIT creates risks
Is there a path between the Covid abyss and chasm of financial risk?
Policy-makers may be asking too much from macro-prudential policies
BIS paper warns economies may stagnate after Covid-19
Author models the structural changes brought about by the coronavirus pandemic
World faces systemic debt crisis, IMF warns
IMF calls for urgent reforms and Japanese finance minister criticises China over debt agreement
A fiscal alternative to stabilise the post-Covid economy
Columbia professor Michael Woodford calls on policy-makers to think beyond interest rates
Japan’s economy needs bolder policies
PM Abe announces decision to step down with many goals still unachieved
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed chief supports average inflation targeting and worries about Treasuries market and non-bank regulatory weakness
Bank of Japan intensifies CBDC research
Central bank appoints new CBDC head as ruling party warns Chinese effort poses security threat