Search Results
Discussion Paper
Japan’s Experience with Yield Curve Control
In September 2016, the Bank of Japan (BoJ) changed its policy framework to target the yield on ten-year government bonds at “around zero percent,” close to the prevailing rate at the time. The new framework was announced as a modification of the Bank's earlier policy of rapid monetary base expansion via large-scale asset purchases—a policy that market participants increasingly regarded as unsustainable. While the BoJ announced that the rapid pace of government bond purchases would not change, it turned out that the yield target approach allowed for a dramatic scaling back in purchases. ...
Journal Article
Political pressure on the bank of Japan: interference or accountability?
Markets have come to believe that the Bank of Japan can and will raise Japan?s inflation rate to meet its new target.
Journal Article
Recent banking sector reforms in Japan
The author, chief manager of the financial system division of the Bank of Japan, discusses the Bank's recent efforts to maintain the stability of Japan's financial system.
Journal Article
Quantitative easing by the Bank of Japan
Journal Article
Monetary announcements: the Bank of Japan and the Fed
Journal Article
Communication, credibility, and price stability: lessons learned from Japan
Over the past couple of decades, central banks have been taking steps to increase the transparency of their monetary policies through clearer communications with the public. While there are many differences between the economic challenges Japan has been struggling with in the past decade and those facing U.S. and European central bankers now, we can learn a great deal about combating deflation from Japan?s experiences.
Journal Article
Central bank capital, financial strength, and the Bank of Japan
This Economic Letter addresses central bank capital and financial strength in the context of Bank of Japan policy (Cargill 2005). Specifically, it reviews general considerations about central bank capital and financial strength, discusses recent Bank of Japan policy in the context of capital structure, evaluates the Bank of Japan's concern in the context of the broader issue of central bank independence, and draws some lessons from recent Bank of Japan policy.
Speech
Lessons at the zero bound: the Japanese and U.S. experience
Remarks at the Japan Society, New York City.
Journal Article
Beyond zero: transparency in the Bank of Japan’s monetary policy
Japan?s economy has problems that, undoubtedly, are more complex than monetary policy might be expected to solve. But other kinds of policy actions stand a better chance of success when monetary policy is transparent. Transparency means that market participants? anticipations of central bank actions are congruent with those of policymakers themselves. The Bank of Japan has made repeated efforts toward greater transparency since achieving independence in 1998.