Bank of Japan (BoJ)
Central banks ‘critical’ in the development of blockchain
Large South African commercial bank examines what a central bank digital currency would look like, coining the phrase “sovereign blockchain”
Bank of Japan to launch new website in time for 2017
New responsive design will include information from the old site displayed in new format; central bank has set second launch date in case of “delays”
BoJ paper designs new measure of trend inflation
Author’s measure reflects the weighted average of an adaptive component and a forward-looking component
BoJ's Nakaso: central banks must keep up with technology
Deputy governor says central banks must adopt new payment technologies to meet demand, though the BoJ is not planning to issue digital currencies at present
BoJ economists seek best escape route from liquidity traps
Some policies are more effective than others, but a combination can generate stronger effects, researchers find
Central banks respond as markets roiled by Trump victory
Mexico hit by large capital outflows, while Swiss and Japanese central banks face large inflows; Federal Reserve likely to come under pressure
BoJ pushes back forecast of 2% inflation
Central bank admits it will take longer than previously expected to hit 2%, as it keeps monetary policy on hold
Japanese survey throws light on financial education problem
First large-scale study of financial literacy shows many people have poor understanding, contributing to higher loss aversion, herding behaviour and other problems
Yield curve control risks are manageable – Kuroda
BoJ governor says he shares concerns raised by Ben Bernanke, but believes the central bank will be able to cope with them
BoJ paper harnesses census data to improve industry surveys
Researchers aim to make the Bank of Japan’s Tankan survey more accurate from a smaller sample, based on Japan’s economic census
BoJ targets inflation overshoot with revamped policy approach
Shift to “yield curve control” could give the central bank more room for manoeuvre on asset purchases, as it promises to keep easing until inflation exceeds the target
Kuroda says BoJ will not reduce easing, but helicopter money is not on its way
Governor offers clues on the central bank’s “comprehensive assessment” of its monetary policy, saying there are no limits to the scale of easing, but some policies are off the table
Anticipation effects can make lower bound a self-fulfilling prophecy – BoJ paper
New Keynesian model implies an economy can be drawn on to the zero lower bound more quickly when people expect it; negative rates have only a small impact on duration
Japanese researchers model success and failure of international cooperation
Various factors can lead to cheating on global monetary policy cooperation, paper published by the BoJ finds – but careful design can help the agreement hold up
Monetary expansion: Is the sky the limit?
Unconventional monetary policies in advanced countries have resulted in benefits and costs for the global economy and financial markets. Manuel Sánchez assesses if the benefits are worth the risks.
BoJ board split ahead of ‘comprehensive assessment’
Opinions from last meeting show members divided on how to hit 2% by fiscal 2017, and if it is even possible; “comprehensive assessment” may include measures to support squeezed banks
BoJ research uses ‘global game’ to explain zero inflation
Model of monopolistic competition implies co-ordination between firms may lead to zero inflation
Regulation may be fuelling covered interest parity breakdown – BoJ economists
Authors link puzzling breakdown of CIP to regulations including liquidity constraints, as well as divergent monetary policies
Brexit a factor in BoJ’s decision to ease – deputy governor
Uncertainties from abroad, notably the UK’s vote to leave the EU, are weighing on the Japanese economy, and were a factor behind “enhanced” easing in July, Kikuo Iwata says
BoJ board members see hope in wages and oil prices – June minutes
Policy board members point to third year of wage rises and higher oil prices as hopeful indications of a turnaround in prices, though expectations are weak and consumer sentiment worsening
IMF urges Abenomics ‘reload’ as BoJ struggles
Fund tells Japanese authorities to be clearer and more systematic in setting policy, as government unveils new stimulus; working paper suggests alternative to helicopter money
BoJ boosts ETF purchases in face of global uncertainty
The Bank of Japan nearly doubles pace of ETF purchases to ¥6 trillion per year, and introduces measures to smooth funding in foreign currencies; stock market and exchange rate rise on the announcement
Temporary price changes affecting inflation more – BoJ paper
Working paper explores how frequent micro-level price changes can be reconciled with macro-price stickiness; temporary price changes happening more, and increasingly in one direction, authors say
Shirai urges BoJ to change course
Former policy board member says the Bank of Japan’s current policies are not sustainable, recommending a rethink of policy mix and communication strategy