Japan
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
Bank of Japan to begin testing CBDC
BoJ publishes report on feasibility of digital yen
Coronavirus panic fuels a surge in cash demand
Evidence of hoarding in Australia, Brazil, Canada, the eurozone, Russia and the US
Central bank museums grapple with lockdown
Money museums moved online to keep communicating during Covid-19 lockdown
Central banking enters a new era
‘Monetary financing’ and ‘buyer of last resort’ traps lie in wait
FOMC considers more aggressive forward guidance
Officials discussed state-contingent forward guidance and yield curve control, April minutes show
The ECB, the lockdown and the monetary financing lock
Eurozone’s central bank may need to break its prohibition on monetary financing to fight pandemic
Bank of Japan appoints first female executive director
Tokiko Shimizu becomes first female executive director since bank was established in 1882
Charted: rush for dollar liquidity fades
Figures from central bank dollar repo facilities show waning demand, but outstanding swaps still high
Bank of Japan steps up stimulus with unlimited JGB purchases
BoJ drops limit on government debt and quadruples corporate bond cap
Policy-makers making risky ‘one-round bet’ on Covid-19 – El-Erian
Former Pimco chief worried about ability of policy-makers to tackle a ‘second wave’
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…
The long march to global growth
Liang Tao, vice-chairman of the China Banking and Insurance Regulatory Commission, says that China’s growth is fuelling innovation and modernisation, but financial regulation and governance needs to be tightened up for China to take its place at the top…
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic collapse
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime
Dollar crunch eases as central banks step up swaps action
Core swap recipients will offer daily dollar auctions; cross-currency basis narrows
Fed expands network of swaps to emerging markets
Emerging markets will now have direct access to a dollar backstop, but it is still limited
Banks rush to tap new dollar liquidity facilities
IIF warns of major capital flight from emerging markets as demand for Fed-backed repos surges