Sayuri Shirai
The BoJ’s possible path to positive rates
Are market expectations about a spring shift from negative Japanese rates credible, asks Sayuri Shirai
The Bank of Japan must adjust its monetary policy
Sayuri Shirai says the central bank needs to make its policy more sustainable. The BoJ is running out of ways to generate further monetary stimulus
Policy responses to Covid-19
The coronavirus outbreak poses a real threat to the global economy, writes Sayuri Shirai
The future of balance sheet policies
Central banks are expected to resort to a range of balance sheet activities to fight the next downturn. William Towning investigates what tactics they may deploy
BoJ must normalise policy to cope with ageing population – former official
Japanese firms face labour shortages and limited ability to raise prices- Shirai
What next for the BoJ’s unprecedented ETF experiment?
No other central bank has attempted such purchases, and exiting the policy may prove extremely challenging, says Sayuri Shirai
A mere tweak or a step toward normalisation?
Sayuri Shirai says the BoJ has controlled market expectations while still opening the door to normalisation
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
Japan’s ineffective efforts at monetary easing
A study of the natural rate of interest indicates the Bank of Japan’s QQE may not have been as accommodative as claimed, Sayuri Shirai argues. The failings appear to be related to effectiveness, rather than scale
The BoJ’s exit policy and balance sheet risks
The Bank of Japan will need to follow a meticulous sequencing of events as its ‘normalises’ monetary policy, making current concerns about negative equity appear premature
BoJ ups asset purchases to curb bond market pressure
The Bank of Japan has increased the size of JGB purchase operation and announced unlimited purchases of 10-year JGBs at a fixed rate of 0.11%
Tackling the ‘human agency’ problem
Central banks are readying their communication strategies to mitigate a populist backlash against their post-crisis policies
The BoJ’s risky yield curve control experiment
The Bank of Japan’s experiment with yield curve control could work if appropriate targets and communication strategies were applied. But its current policy objectives are muddled
BoJ should provide ‘more realistic’ projections – former policy board member
Claims constant overestimation of inflation expectations undermines credibility
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
People: Shirai begins new chapter at Keio University; Sibley named as Irish director of credit institutions
After five years on the BoJ policy board, Shirai returns to academia; Ireland central bank names new director of credit institutions; and more
Central banks struggle to manage price expectations
Large central banks have responded aggressively to falling levels of inflation and inflation expectations, but with divided and limited success. What can policy-makers do to restore confidence?
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
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’s Shirai: households sceptical of need for 2% inflation
Board member says better communication needed to explain to cash-strapped households why 2% inflation will be good for them in the long run
Shirai calls for mechanisms to manage policy conflict
BoJ policy board member says monetary and macro-prudential policies are not necessarily complementary; some Japanese officials view reverse repos as a macro-pru tool