Japan
High-frequency data helps capture ‘psychological subtlety’ – BoJ paper
Study of “tick-by-tick” data finds markets have become more sensitive to the central bank’s policy announcements
DLT offers new possibilities for securities settlement, says ECB and BoJ team
Second phase of ‘Project Stella’ looks at delivery versus payment on three DLT platforms
BoJ policymakers eye hopeful signs for inflation
Policy remains on hold as inflation shows some signs of greater strength; one member calls for further easing measures
Book notes: How global currencies work, by Barry Eichengreen, Arnaud Mehl and Livia Chiţu
A comprehensive introduction to the history of global reserve currencies, with analysis of how advances in technology and the structure of trade have reshaped the landscape
Remembering Charles Freeland
Charles Freeland, former deputy secretary-general of the Basel Committee and friend of Central Banking, died in 2017
People: Nominations to BoJ; Moghalu mulls presidential bid
Kuroda nominated for fresh term alongside two deputies; former CBN deputy considers bid for Nigerian presidency; Riksbank deputy reappointed
BoJ’s Kuroda in line for second term
Haruhiko Kuroda looks set to be the first governor to be reappointed in over 50 years, but the choice of deputies is unclear
Bank of Japan increases bond purchases amid global sell-off
Both the prime minister and the governor see no rush to withdraw stimulus
BoJ board notes disappointing inflation indicators
Low inflation and expectations in a “weakening phase” drag on BoJ’s policy outlook
Spanish paper analyses determinants of private saving
Fiscal, demographic, financial and income effects are key, researchers find
HKMA launches consultation on open API framework
Open API enables personalised services for bank users but requires access to customer data
BoJ’s cut to bond purchases not an exit strategy, say analysts
Move was unexpected, but analysts do not see it as a sign the BoJ may be preparing to exit its stimulus programmme
Balancing reserves’ effectiveness and transparency
Why do countries accumulate more and more reserves if they know intervention may prove ineffective? Iris Yeung speaks to Canada’s Eric Wolfe
Bank of Japan keeps policy setting on hold
BoJ keeps policy on hold as inflation target remains elusive; Goshi Kataoka dissents again
BoJ working closely with fintech firms, says Kuroda
Fintech can make contributions to both emerging and developed countries, but needs close monitoring, Haruhiko Kuroda says
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
BoJ lowers inflation forecast as policy stays on hold
BoJ downgrades inflation forecast again, leaving tightening unlikely anytime soon
BoJ says Japan is overbanked
The central bank says Japanese banks may have too many employees and branches
Better structure could protect investors in P2P market - BoJ paper
Use of “specific purpose companies” could help protect investors in the event of the collapse of a P2P platform
People: FSB appoints new secretary-general
ADB’s East Asia department and International Association of Deposit Insurers also gain new heads
Japan’s ineffective efforts at monetary easing
A study of the natural rate of interest indicates the Bank of Japan’s QQE may not have been as accommodative as claimed, Sayuri Shirai argues. The failings appear to be related to effectiveness, rather than scale
Kuroda deflects criticism of 2% target
BoJ governor pushes back at those calling for a reduction in the target, as inflation in Japan remains off course
Momentum towards inflation target is strengthening, says BoJ board member
Rising household income and productivity are positive signs, Takako Masai says
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003