Japan
People: Venezuela finance minister to sit on central bank board; and more
Venezuelan finance minister gets a seat on the central bank board; Bank of Japan London representative moves home to head up international division; and more
Kuroda says 'premature' end of QE damaged BoJ credibility
Haruhiko Kuroda says the ‘somewhat premature’ ending of quantitative easing in 2006 made it hard for BoJ to gain credibility as a ‘deflation fighter’
BoJ’s Sato warns ECB about deflation risk
Bank of Japan policy board member says markets’ short- and medium-term inflation expectations have ‘started to decline somewhat’ in the eurozone
IMF says Japan's 'aggressive' QQE could be needed for ‘extended period’
The Bank of Japan may have to keep QQE running for ‘an extended period of time’ according to the IMF, and should consider providing forward guidance on its asset purchases
BoJ’s Shirai forecasts inflation dip
Sayuri Shirai believes annual CPI inflation will only reach the 2% target at the end of 2016 – making the forecasts more cautious than the BoJ’s baseline
Kuroda: rising inflation expectations feeding into wages
Tightening labour market conditions and higher inflation expectations are both serving to increase wages, Kuroda tells Tokyo audience
BoJ has increased income inequality, says Dutch paper
Researchers at The Netherlands Bank say the Bank of Japan’s asset purchases have contributed to the country’s income inequality by pushing up asset prices
BoJ takes financial system's temperature
Bank of Japan says financial systems are generally healthy and resilient, but could be impacted by an economic downturn coupled with a rise in interest rates
BoJ review dissects inflation expectations
Economists from monetary analysis department say BoJ communication has generated a 'spike' in expectations around 2%, but dispersion is still ‘substantial’
BoJ mimics Fed with new 'organisational principles’
The Bank of Japan adopts a similar range of values to the Federal Reserve, while setting its strategic goals for the next five years
Japan FSA proposes two phases for mandatory clearing
The proposals would force financial institutions to clear their yen interest rate swaps, although insurance companies and pension funds are absent from JFSA plans
BoJ’s Iwata dismisses hyperinflation fears
Bank of Japan deputy governor insists the central bank is not just committed to achieving 2% target when the economy is struggling with deflation
Kuroda: BoJ will do whatever necessary to hit 2% inflation
The Bank of Japan is right to target 2% inflation, governor Haruhiko Kuroda said today - adding the bank will not hesitate to make any adjustments necessary to get there
Kuroda confident of hitting inflation target
Bank of Japan governor Haruhiko Kuroda says economy is following the path to 2% inflation ‘as expected’; fellow board member Takahide Kiuchi has ‘more cautious outlook’
BoJ holds rates as tax hike looms
Bank of Japan policy board holds QQE steady and maintains economic assessments in its last meeting before consumption tax hike comes into effect
Wages more sticky in the US than in Japan, BoJ paper finds
The empirical fit of the New Keynesian Wage Phillips Curve is generally superior for Japan, auhors note; inflation indexation plays a key role in the US, but is less important in Japan, they add
BoJ extends lending schemes as economic growth disappoints
Two schemes aimed at stimulating bank lending are expanded and extended as economic data falls below Bank of Japan expectations; analysts expect more easing next quarter
BoJ mulls ‘more thorough’ communication
Minutes from December meeting reveal policy board members’ concern over market scepticism towards the BoJ’s path back to 2% inflation; suggest clarifying reaction function
BoJ’s Shirai warns against rush for 2% inflation at all costs
Sayuri Shirai says it ‘may be appropriate’ to take longer than two years to meet the central bank’s inflation target of 2%; stresses the importance of achieving the goal in a ‘stable’ manner
Kuroda draws on lessons from Paul Volcker’s Fed tenure
Bank of Japan governor Haruhiko Kuroda points to Paul Volcker’s success in lowering inflation expectations in the United States as proof of central banks' ability to influence markets
Kuroda calls for research into political constraints on monetary policy
Bank of Japan governor Haruhiko Kuroda stresses the need to understand more about the ‘political and administrative feasibilities’ that bind monetary policy
BoJ’s Sato says central bank is ‘breaking away’ from incremental policy
Policy board member Takehiro Sato says QQE marks a departure from the conventional incremental approach to policy-making; says additional easing could be ‘counterproductive'
BoJ will need ‘aggressive' re-capitalisation at end of QQE, top economist warns
Nomura chief economist warns the practice of handing over the profits from QE to the Japanese government means the central bank could find itself under-capitalised when the programme ends
Kuroda says Japan is on track to hit price target
Bank of Japan governor says the central bank’s QQE has brought about ‘positive developments’ that are spreading throughout financial markets and the real economy; sees inflation hitting 2% by 2015