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Book Bank of Japan S Monetary Easing Measures

Download or read book Bank of Japan S Monetary Easing Measures written by Mr.Waikei W. Lam and published by International Monetary Fund. This book was released on 2011-11-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: With policy rates near the zero bound, the Bank of Japan (BoJ) has introduced a series of unconventional monetary easing measures since late 2009 in response to lingering deflation and a weakening economy. These measures culminated in a new Asset Purchase Program under the Comprehensive Monetary Easing (CME) which differs from typical quantitative easing in other central banks by including purchases of risky asset in an effort to reduce term and risk premia. This note assesses the impact of monetary easing measures on financial markets using an event study approach. It finds that the BoJ's monetary easing measures has had a statistically significant impact on lowering bond yields and improving equity prices, but no notable impact on inflation expectations.

Book Japanese Monetary Policy

Download or read book Japanese Monetary Policy written by Kenneth J. Singleton and published by University of Chicago Press. This book was released on 2007-12-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.

Book Bank of Japan s Quantitative and Credit Easing

Download or read book Bank of Japan s Quantitative and Credit Easing written by Mr.Ugo Fasano-Filho and published by International Monetary Fund. This book was released on 2012-01-01 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper asks whether the BoJ's recent experience with unconventional monetary easing has been effective in supporting economic activity and inflation. Using a structural VAR model, the paper finds some evidence that BoJ's monetary policy measures during 1998-2010 have had an impact on economic activity but less so on inflation. These results are stronger than those in earlier studies looking at the quantitative easing period up to 2006 and may reflect more effective credit channel as a result of improvements in the banking and corporate sectors. Nevertheless, the relative contribution of monetary policy measures to the variation in output and inflation is rather small.

Book Bank of Japan   Monetary Easing Measures

Download or read book Bank of Japan Monetary Easing Measures written by W. Raphael Lam and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Quantitative Easing and Its Impact in the US  Japan  the UK and Europe

Download or read book Quantitative Easing and Its Impact in the US Japan the UK and Europe written by Kjell Hausken and published by Springer Science & Business Media. This book was released on 2013-12-06 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume empirically analyzes the effects of quantitative easing (QE) on interest rates and the economy in the US, Japan, UK and Europe. Using an event-study methodology, the authors find that the measures undertaken by the Federal Reserve and Bank of England, which focus primarily on bond purchases, are much more effective in lowering interest rates than those undertaken by the Bank of Japan and the European Central Bank, which have relied more heavily on lending to private financial institutions. Using large Bayesian vector autoregression (BVAR) models they also analyze the impact of QE on the wider economy. They produce no-QE counterfactual forecasts that are compared with their corresponding baseline forecasts, incorporating the effects of QE on government bond spreads. Despite the failure of stimulating economic activities as a whole, the simulation results suggest that the unconventional monetary policies have a positive influence on industrial production in the US, UK and Japan. The authors’ analysis finds that QE contributes to the reduction in unemployment in the US and Japan, and a rise in inflation-expectations in the US, UK and Euro zone. However, evidence on QE’s effect on house prices, stock prices, consumer confidence, and exchange rate, is mixed and thus inconclusive.

Book Unconventional Monetary Policy and Financial Stability

Download or read book Unconventional Monetary Policy and Financial Stability written by Alexis Stenfors and published by Routledge. This book was released on 2020-07-15 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.

Book Mission Incomplete

Download or read book Mission Incomplete written by Sayuri Shirai and published by . This book was released on 2018-07-31 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2013 the Bank of Japan launched an unprecedented quantitative and qualitative monetary easing policy. It was thought that a 2% price stability target could be achieved within 2 years; 4 years on and we are still mission incomplete. Mission incomplete! This phrase neatly captures the progress made by the Bank of Japan (BOJ) in reflating the economy. In April 2013, the BOJ launched an unprecedented quantitative and qualitative monetary easing policy. The BOJ was certain that the 2% price stability target would be achieved within 2 years. About 4 years later, the BOJ lags behind other major central banks, with actual inflation and inflation expectations still well below 2%. What happened? And what should the BOJ do next? This former policy maker's account expertly traces and analyzes the policy's consequences.

Book History of Bank of Japan s More Than Two Decades of Unconventional Monetary Easing with Special Emphasis on the Frameworks Pursued in the Last 10 Years

Download or read book History of Bank of Japan s More Than Two Decades of Unconventional Monetary Easing with Special Emphasis on the Frameworks Pursued in the Last 10 Years written by Pawel Kowalewski and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has haunted the domestic economy ever since. The bubbles were partly attributable to prolonged monetary easing in the second half of 1980s, which was conducted to increase domestic demand and mitigate the recession induced by the appreciation of the Japanese yen. Furthermore, the country was adversely affected by US pressure to reduce trade deficits and resolve the prolonged trade dispute. In the early 1990s, Japan faced sluggish economic growth and low inflation, as well as severe structural financial and corporate sector balance sheet problems. Reflecting global trends regarding providing central banks with operational independence and the lessons learnt from Japan's bubble experience, meanwhile, the Bank of Japan (BOJ) was granted independence under the new 1997 Bank of Japan Act. Japan's economic problems starting from the 1980s also coincided with the period when the global Great Moderation was only it its early stages. The newly independent BOJ, in order not to put its credibility at risk, opted for cautiousness, which proved to be excessive. Not only was there a reversal in the August 2000 rate increase, but the BOJ also launched an unprecedented monetary experiment in 2001 called Quantitative Easing Policy. Moving the main operational target from short-term interest rates to current account balances at the BOJ and supplying sufficient liquidity beyond the required reserves was a milestone in the history of central banking. This shift was accompanied by subsequent novel monetary easing policies that were pursued over the last 20 years. Ever since, the BOJ has become not only a pioneer in pursuing unconventional monetary policies, but also a reference point for other central banks. At this stage, it is difficult to judge the effectiveness and efficiency of the BOJ's policy tools, as achievement of inflation beyond the 2% price stability target since last year is clouded by doubts regarding its sustainability. This paper provides a detailed description of the BOJ's policy, especially under Haruhiko Kuroda's 10-year governorship.

Book Scarcity Effects of Quantitative Easing on Market Liquidity  Evidence from the Japanese Government Bond Market

Download or read book Scarcity Effects of Quantitative Easing on Market Liquidity Evidence from the Japanese Government Bond Market written by Mr.Fei Han and published by International Monetary Fund. This book was released on 2018-05-09 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank’s holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)’s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ’s holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock.

Book Comments on  Price Stability and Japanese Monetary Policy

Download or read book Comments on Price Stability and Japanese Monetary Policy written by Hiroshi Fujiki and published by . This book was released on 2004 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This commentary summarizes the authors main points of agreement and disagreement with respect to the proposal written by Dr. Hetzel. The authors agree with Dr. Hetzel's proposal on four points: after a central bank has lowered the interest rate to zero, (i) a central bank is not in fact powerless to stop deflation, (ii) it does not make sense to focus on the quantity of the monetary base per se, (iii) it is important to influence market expectations if monetary policy is to be effective, and (iv) central bank solvency holds some importance. The authors disagree with Dr. Hetzel's proposal on three points: (i) transmission channels of quantitative easing, (ii) potential costs and benefits of his proposal, and (iii) the timing of introduction of an explicit nominal anchor.

Book The Oxford Handbook of Japanese Politics

Download or read book The Oxford Handbook of Japanese Politics written by Robert J. Pekkanen and published by Oxford University Press. This book was released on 2021-10-25 with total page 1001 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Book Abstract and Keywords: The study of Japanese politics has flourished over the past several decades. This Handbook provides a state-of-the-field overview for students and researchers of Japanese. The volume also serves to introduce Japanese politics to readers less familiar with Japan. In addition, the volume has a theme of "evaluating Japan's democracy." Taken as a whole, the volume provides a positive evaluation of the state of Japan's democracy. The volume is divided into two parts, roughly corresponding to domestic Japanese politics and Japan's international politics. Within the domestic politics part, there are four distinct sections: "Domestic Political Actors and Institutions," covering the Japanese Constitution, electoral systems, prime minister, Diet, bureaucracy, judiciary, and local government; "Political Parties and Coalitions," covering the Liberal Democratic Party, coalition government, Kōmeitō, and the political opposition; "Policymaking and the Public," covering the policymaking process, public opinion, civil society, and populism; and, "Political Economy and Social Policy," covering industrial, energy, social welfare, agricultural, monetary, and immigration policies, as well as social inequality. In the international relations part, there are four sections: "International Relations Frameworks," covering grand strategy, international organizations, and international status; "International Political Economy," covering trade, finance, foreign direct investment, the environment, economic regionalism, and the linkage between security and economics; "International Security," covering remilitarization, global and regional security multilateralism, nuclear nonproliferation, naval power, space security, and cybersecurity; and, "Foreign Relations" covering Japan's relations with the United States, China, South Korea, ASEAN, India, the European Union, and Russia. Keywords: international relations, comparative politics, democracy, international order, alliances, space security, elections, Liberal Democratic Party, multilateralism, remilitarization, international organizations, populism, civil society, coalitions, political parties, trade, finance monetary policy, foreign direct investment, cybersecurity"--

Book Size and Composition of the Central Bank Balance Sheet

Download or read book Size and Composition of the Central Bank Balance Sheet written by Shigenori Shiratsuka and published by . This book was released on 2009 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper re-examines Japan's experience of the quantitative easing policy in light of the policy responses against the current financial and economic crisis. Central banks use various unconventional measures in the range of financial assets being purchased and in the scale of such purchases. As the scope of such unconventional measures expands, it is often emphasized that the U.S. Federal Reserve policy reactions focus more on the asset side of its balance sheet, the so-called credit easing . By contrast, the Bank of Japan's quantitative easing policy from 2001 to 2006 set a target for the current account balances, the liability side of its balance sheet. It is crucial to understand that central banks combine the two elements of their balance sheets, size and composition, to enhance the overall effects of unconventional policy measures, given constraints on policy implementation.--Author's abstract.

Book Monetary and Currency Policy Management in Asia

Download or read book Monetary and Currency Policy Management in Asia written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.

Book Pushed Past the Limit  How Japanese Banks Reacted to Negative Interest Rates

Download or read book Pushed Past the Limit How Japanese Banks Reacted to Negative Interest Rates written by Mr.Gee Hee Hong and published by International Monetary Fund. This book was released on 2018-06-13 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an unexpected surprise to the market and was followed by a sharp drop in equity prices of Japanese financial firms. We exploit the cross-sectional variation in the change of share prices on the day of the announcement to measure banks' differential exposure to NIRP. We show that more exposed banks increased their credit and took on more risk compared to banks that were less exposed to negative rates.

Book Excerpt  Can Abenomics Succeed

Download or read book Excerpt Can Abenomics Succeed written by Mr.Dennis P Botman and published by International Monetary Fund. This book was released on 2015-01-30 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the bursting of the bubble, Japan has been unable to sustain economic recoveries. Monetary policy was unable to beat deflation, structural reforms failed to lift potential growth, and fiscal measures were insufficient to reverse the path of ever rising public sector debt. Japan’s revitalization plan dubbed the “three arrows of Abenomics” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome these problems. Amid a more challenging external environment and an aging population, Japan may well face its last opportunity to avoid a highly disruptive fiscal crisis and restore sustainability in a smooth manner instead. The book discusses mutually reinforcing reforms on several fronts, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms to revive animal spirits and stimulate potential growth.

Book Bank of Japan Monetary and Economic Studies

Download or read book Bank of Japan Monetary and Economic Studies written by and published by . This book was released on 2004 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: