Japan
BoJ’s Iwata draws lessons from ‘Takahashi economic policy’
Current Bank of Japan deputy examines former governor and finance minister’s success in lifting Japan out of deflation in the 1930s; underlines importance of expectations, both past and present
IMF paper warns half-hearted Japanese reforms would push up long-term rates
Researchers say long-term yields and banks’ interest rate exposures will increase if structural and fiscal reforms are not seen through to the end
US resolution on debt ceiling ‘critical for global economy’, says BoJ’s Nakaso
Bank of Japan deputy governor Hiroshi Nakaso says the biggest threat to the US economy is the on-going dispute between politicians in resolving the debt ceiling; QQE in Japan remains on track
Japan’s ministry of finance issues inflation-indexed JGBs after five-year absence
First linker issuance in Japan since 2009 is 3.7 times oversubscribed but success of future auctions will depend on the Bank of Japan’s ability to deliver 2% inflation
European finance sector needs complete overhaul, says ECB's Praet
Executive board member says Europe's financial sector must be overhauled in 'its entirety' not through ‘selective mending'; warns of Japanese-style zombie banks undercutting return to growth
Kuroda believes QQE has started to ‘exert effects’
Bank of Japan governor Haruhiko Kuroda says the radical easing plan unveiled in April has led to a ‘favourable turn’ in the country’s finanical markets, public expectations and economic activity
BoJ on target as IMF urges Abe to loose his other arrows
IMF says fiscal and structural reforms are necessary to create ‘durable’ increase in inflation; encourages Bank of Japan to begin internal discussions over its exit plan
Kuroda says QQE is ‘right on track’
Bank of Japan governor believes QQE has already prompted a ‘favourable turn’ in the financial markets and real economy; hopes improved sentiment will translate to demand
MAS to lend Singapore dollars against JGBs
Monetary Authority of Singapore and Bank of Japan strike cross-border collateral arrangement; MAS looking to make it easier for banks to manage their liquidity needs
BoJ policy board member signals possibility of further measures
Takehiro Sato says the Bank of Japan could employ additional policy tools in its bid to double the monetary base; Abenomics gets public backing in parliamentary election
BoJ policy board divided over bond markets
Minutes from the Bank of Japan’s June meeting reveal members debated whether to introduce additional measures to stabilise long-term interest rates
BoJ paper examines consumer spending in low-interest rate environment
Research based on BoJ opinion survey finds that an individual with higher inflation expectations will tend to have increased their consumer spending when interest rates are at the zero lower bound
Bank of Japan holds policy as economy ‘starts to recover'
BoJ confident inflation will start to rise, as starts to see signs of recovery in the economy; keeps quantitative and qualitative easing programme in place
Asian central bank FX reserves not properly recognised by rating agencies, says Sheng
CBRC adviser and former Hong Kong SFC chief Andrew Sheng points to inconsistent approach in sovereign debt ratings; doubts international crisis co-ordination is possible
Japanese paper finds income elasticity of money demand has fallen over time
Update to 1996 paper finds cross-sectional income elasticities of money demand have plunged since the 1980s, to below one in the late 2000s
Shirai says Bank of Japan’s communication has ‘room for improvement’
Board member explains reasons for dissent in recent monetary policy meeting; says Outlook Report is unclear in some places and misleading in others
Japan government pension fund re-jig could see BoJ pick up $80bn in JGBs
Japan’s sovereign welfare fund signals could sell up to ¥8 trillion worth of domestic bonds; BoJ could potentially absorb them as it seeks to drive up the country’s monetary base
Basel securitisation reform creates 'perverse incentives’, says senior Japanese banker
Inconsistent rules are damaging financial intermediation, according to Takashi Oyama of Norinchukin Bank
IMF gives its verdict on Abenomics
Article IV statement gives ringing endorsement to QQE in Japan; says ‘spillovers' may have adverse near-term effect on neighbours, but will be offset by benefits of economic strength in Japan
BoJ’s Kuroda highlights 'increasing attention' on capital controls
Bank of Japan governor notes greater understanding of volatile capital flows as a channel for financial shock transmission; says banking union may be plagued by 'financial trilemma'
Discontent on BoJ board over monetary policy outlook
Three board members suggest changes to the wording of the outlook for economic activity and prices as fears emerge over effects of continued QE; Kuroda and Miyao upbeat in separate speeches
Japan delays cross-border rules amid US and European uncertainty
Equivalence and substituted compliance issues must be resolved quickly, or financial markets will be affected, says Kono at Japan FSA
Bank of Japan ¥2tn intervention fails to halt Nikkei slump
BoJ moves to calm bond volatility as Bernanke comments and China data spook Japanese markets
BoJ paper creates new framework for identifying monetary policy shocks
Working paper uses TVP-VAR model to identify the impact of conventional and unconventional monetary policy shocks on the real economy at the zero lower bound