Japan
Bank of Japan to shake up meeting framework
BoJ board plans to cut number of yearly meetings as part of major overhaul of deliberations aimed at making monetary policy more transparent
Japan regulators further relax electronic trading mandate
JFSA is initially going to mandate only three tenors of IRS for platform trading
BoJ’s Sato says QQE becoming harder to implement
Takehiro Sato warns easing programme risks undermining confidence in central bank policy by eroding fiscal discipline, making interest rates harder to control
BoJ paper outlines idea of ‘natural yield curve’
Curve defines level of natural rate of interest at all maturities; authors suggest it provides a ‘useful benchmark’ for the conduct of monetary policy
Kuroda sees little difference between major central banks
Despite the different wording of the major central bank mandates there is ‘little practical difference’ between them, BoJ governor says
IMF staff tell BoJ to 'stand ready' to ease further
Statement at conclusion of IMF article IV warns inflation expectations 'broadly flat' in recent months; calls on BoJ to prepare for more easing and improve communication
BoJ’s Sato outlines efforts to reform repo market
Board member says Bank of Japan is seeking to improve repo market functioning with reforms targeted at transparency, stability, efficiency and globalisation
BoJ paper finds QQE has not ‘significantly’ damaged bond market liquidity
Researchers compile set of liquidity indicators, finding that while government bond market liquidity has not declined significantly, it has been on a downward trend since easing was ramped up
Japan shows signs of inflation rebound
Inflation creeps back into positive territory after hitting zero in February, as research by the Bank of Japan suggests inflation may have moved to a new, higher trend
Bank of Japan cuts inflation forecast
BoJ retains asset purchases at current levels and says underlying inflation is rising steadily; expects to hit target in second half of 2016
Toyota executive slated to join BoJ board
Yukitoshi Funo, former head of company's US operations, nominated to replace Yoshihisa Morimoto at pivotal moment for the Japanese central bank
Kuroda calls for deeper understanding of expectations
Bank of Japan governor wants increased awareness of the mechanism through which inflation expectations are formed to help the design of monetary policy
Romer and Romer find financial crisis impact ‘not large’
NBER working paper constructs new series on financial distress in advanced economies to better capture degrees of financial crisis; finds output declines are ‘moderate and largely temporary’
Forward guidance can help QE succeed, Finnish research says
Article in Bank of Finland bulletin considers whether eurozone is at risk of Japanese-style deflation, finding the ECB’s asset purchases reduce the odds of this outcome
BoJ sees inflation remaining at 0% for 'the time being'
Central bank to fall short of 2% inflation target in April as consumer prices stagnate on back of lower oil prices; more easing unlikely, says analyst
BoJ’s easing boosts inequality, warns IMF paper
Working paper finds attempts to meet Japan’s 2% inflation target are increasing income growth and inequality; calls for structural reform to make this growth more inclusive
BoJ’s Miyao extols virtues of open-ended QE
Outgoing policy board member says open-ended QE tends to have stronger effects than limited versions and may have additional impact via forward guidance and fiscal channels
BoJ’s Nakaso: More to be done to anchor expectations
Deputy governor points to ‘green shoots’ with regard to inflation and wage expectations but warns more work must be done to anchor them at the 2% target
First CPMI-Iosco peer review finds gaps in trade repository principles
Peer review of Principles for Financial Market Infrastructures in Europe, Japan and the US finds jurisdictions have made good progress with CCPs, but gaps remain among trade repositories
Kuroda says oil shock has not thrown recovery off track
Inflation was nearing the target before being knocked down by the oil price collapse, BoJ governor says, insisting Japan’s ‘deflationary mind-set’ is still steadily fading
Japan at a turning point but liquidity risks loom, say panellists
Panel at Japan Securities Summit including BoJ’s Takehiro Sato believes Japan’s ‘certain, coordinated and creative’ policy mix will deliver the first turnaround in 20 years
BoJ nominee Harada: monetary stimulus, fiscal discipline
A review of Yutaka Harada’s published papers and articles reveals the Bank of Japan Policy Board nominee is likely to favour more stimulus from the central bank and less from the government
BoJ’s Iwata says QQE is a break with history
Deputy governor says latest asset purchases programme a sign of dramatic ‘regime change’ and consumers will have to respond – it is just a question of when
Eichengreen says central banks should worry more about deflation than 'profits and losses'
The Berkeley professor on what last week's SNB move says about big central banks 'wrong-footing' markets and the Fed's problematic response to financial crisis