Japan
Bank of Japan tweaks QQE with maturity extension and new ETF purchases
BoJ will continue to buy 80 trillion yen worth of JGBs a year, but with slightly longer to run to maturity; announces new ETF programme to offset sales of old stocks
RMB now second most used payments currency between China and Japan
The Chinese currency more than doubles share of payments between China/Hong Kong and Japan in two years, eclipsing US and Hong Kong dollars while yen retains number one spot
BoJ’s Kiuchi wants to reduce flow of QQE
Board member says reduced flow of asset purchases would help relieve ‘excessive pressure’ on the Japanese government bond market and make monetary policy more ‘sustainable and stable’
BoJ deputy says underlying inflation has ‘steadily’ improved
Kikuo Iwata says CPI inflation, excluding energy and fresh food, has been making a positive contribution of around 1% recently; discusses latest projections
Researchers examine impact of fiscal conditions on long-term rates in OECD
Working paper published by the Bank of Japan analyses 23 member states between 1980 to 2013; finds fiscal conditions impact rates in host of ways
High expectations could be holding Japanese inflation down, Shirai warns
Study of US and Japanese households reveals, somewhat counterintuitively, that high inflation expectations may be a factor behind lower actual inflation
Central bank 'silo culture' detracts from statistics, says ex-BoJ governor
Masaaki Shirakawa tells audience at Deutsche Bundesbank to expose economists to statistics and business contacts during their careers; Otmar Issing stresses value of good data
BoJ holds QQE fire but pushes back inflation forecast
Bank of Japan leaves asset purchase programme unchanged despite downward revision of outlook; central bank now predicts inflation target will be reached in second half of fiscal 2016
BoJ lifts lid on new approach to macro stress testing
Tests designed to measure system-wide impact of a ‘tail event’ on financial and economic stability, allowing comparisons over time; BoJ reveals underlying variables for first time
Eichengreen says central banks lack will not ability to tackle deflation
Central banks have the tools to deal with bad deflation if they are willing to act aggressively enough, economist argues; broadening asset purchases or helicopter money are both options
Bank of Japan launches updated payments platform
New BoJ-NET system goes live tomorrow, days after launch of China's CIPS platform and RMB surpasses yen as global payments currency
Kuroda unfazed by ‘somewhat stagnant developments’
Japan’s economy has been through a summer lull but the BoJ chief insists it will bounce back, with inflation set to rise as expectations shift and low oil prices pass through
BoJ’s Shirai explains why negative rates fit Europe better than Japan
Policy board member Sayuri Shirai says impact of rates varies according to market structure, noting differences in the type of investors and credit conditions in the jurisdictions
BoJ predicted to expand QQE, within limits
Analysts are predicting the Bank of Japan will increase asset purchases next month, but researchers are warning of speed bumps ahead
BoJ’s Kiuchi warns 2% inflation unlikely ‘even in fiscal 2017’
Policy board member says Japanese inflation is unlikely to reach the central bank’s 2% target by the end of fiscal year 2017
BoJ deputy urges thorough analysis of risk weight revisions
Hiroshi Nakaso calls for a cost-benefit analysis of proposed revisions to ‘standardised approach for credit risk’ that some market participants fear could restrict financing for development
Trawl through BoJ archives reveals emergence of current policy-making
Study of failures and successes of BoJ policy-making in the 1980s reveals the emergence of current thinking about how best to conduct monetary policy
IMF paper warns Japan’s QQE may hit the buffers in 2017
Bank of Japan may have to look for new forms of monetary stimulus as it runs up against a shortage of government bonds, which could begin to distort markets
BoJ paper builds model of secular stagnation
Authors find scrapping the idea of a single representative household allows New Keynesian models to portray secular stagnation – and a high inflation target fixes the problem
BoJ’s Nakaso highlights changing behaviour of firms
Firms are increasingly investing and facing tighter labour market conditions, with record profits and higher wages providing a boost to the economy, but inflation is still stuck low
IMF urges Bank of Japan to 'stand ready' to up asset purchases
Article IV report says Bank of Japan should improve communication and be prepared to expand easing measures, as weak policy transmission creates a ‘conundrum’
BoJ paper finds short and long-term expectations are anchored differently
Inflation expectations respond differently to changes in policies and inflation depending on whether they are short- or long-term, researchers find
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
BoJ paper sees signs of structural shift in pricing behaviour
Study finds rising exchange rate pass-through is in large part the result of a change in firms’ pricing behaviour, although why behaviour has changed remains unclear