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Keywords:Bank of Japan 

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.
Economic Policy Review , Volume 5 , Issue Jul , Pages 1-7

Journal Article
Japan's approach to monetary policy

The goal of monetary policy as conducted by the Bank of Japan is to contribute to the sound development of the national economy through the pursuit of price stability. The objective of price stability, however, is not precisely defined as it has been for other central banks. Following the implementation of the new Bank of Japan Law in 1998, the monetary policy framework is characterized by central bank independence, the primacy of the price stability objective, instrument independence, and policy decisions made by a monetary policy committee with regular meetings and published minutes. At its ...
New England Economic Review , Issue Q 2 , Pages 39-43

Observations on the global economy and financial system

Remarks at the IIF Annual Meeting of Latin America Chief Executives, Santiago, Chile.
Speech , Paper 101

Lessons at the zero bound: the Japanese and U.S. experience

Remarks at the Japan Society, New York City.
Speech , Paper 105

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. ...
Liberty Street Economics , Paper 20200622

Why financial stability is a necessary prerequisite for an effective monetary policy

Remarks at the Andrew Crockett Memorial Lecture, Bank for International Settlements 2013 Annual General Meeting, Basel, Switzerland.
Speech , Paper 108

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.
Economic Synopses

Working Paper
Quantitative easing and Japanese bank equity values

One of the primary motivations offered by the Bank of Japan (BOJ) for its quantitative easing program -- whereby it maintained a current account balance target in excess of required reserves, effectively pegging short-term interest rates at zero -- was to maintain credit extension by the troubled Japanese financial sector. We conduct an event study concerning the anticipated impact of quantitative easing on the Japanese banking sector by examining the impact of the introduction and expansion of the policy on Japanese bank equity values. We find that excess returns of Japanese banks were ...
Working Paper Series , Paper 2006-19

Conference Paper
Summary panel: Japan's experience with zero interest rates

The current policy stance of the BOJ has an automatic stabilizer element in it despite the fact that we have hit the zero rate bound. That is to say, the promise to "keep the zero rate until deflationary concerns are over" puts downward pressure on long-term interest rates when people see negative signs about the economy because they expect the zero rate to stay for a longer period of time. A similar thing will happen anyway. But the current commitment seems to have strengthened the effect.
Conference Series ; [Proceedings]

Journal Article
Bank of Japan purchases of risky assets: lessons from colonial America

FRBSF Economic Letter


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