Bank of Japan

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  • noun

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the central bank of Japan

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The financial markets reacted to the BOJ move, with the U.
Meanwhile, Kuroda said the BOJ has no plans to buy foreign bonds as part of monetary easing, noting that there are many other monetary easing options and doing so could be seen as currency intervention aimed at weakening the yen.
Another BOJ deputy governor nominee Hiroshi Nakaso said that the central bank faces "the best opportunity to overcome the long-standing problem of deflation and realize sustainable growth under price stability," referring to recent weakness in the yen and rising prices amid improvement in overseas economies.
It would be outrageous if the BOJ weren't doing anything to beat deflation and rather paving the ground for an exit from its easy monetary policy.
But the BOJ under Hayami had consistently resisted this pressure, believing there was already excess liquidity available to financial institutions, which could not or would not use the excess funds they already had (as huge current account balances at the BOJ).
When the non-performing loans problem emerged in the 1990s as a chronic symptom of Japan's structural woes, the BOJ intervened to help the banks by lowering the interest rate and thereby improving banks' profit margins.
BOJ chief also said the central bank will consider increasing purchases of longer-term government bonds to pump more cash into the banking system.
Gaining the trust of BOJ chief Masaaki Shirakawa, who will resign March 19, Nakaso has often accompanied the incumbent chief on overseas business trips, including for international conferences such as meetings of Group of 20 finance chiefs.
On the BOJ's possible purchase of foreign bonds, seen as aimed at driving down the yen, Kuroda said the BOJ "does not face the need to consider" such a step, adding that seeking a stable currency is the government's role and that markets should decide exchange rates.
Critics claim that the BOJ could create 3-4 percent inflation at will and that this inflation would, in turn, revive private demand.
Kuroda said Japan's central bank should carry out bolder monetary easing to attain the target, arguing that the current asset purchases by the BOJ are "not enough" in size and scope.
If he is approved by the Diet as one of the BOJ's nine Policy Board members, Nakaso, 59, is expected to play a key role in coordination with central banks of other countries, supporting prospective new BOJ Governor Haruhiko Kuroda.
The government and the BOJ share the view that it is extremely important to overcome deflation, and I expect the BOJ to continue conducting bold monetary policy action while closely working with the government," Jojima told a news conference.
But analysts say the Democrats could turn more pragmatic and ask the BOJ to support the economy by keeping interest rates low, even though it might not pressure the bank as explicitly as some LDP lawmakers have done in the past.
What is really at stake is whether Japan will finally rid itself of its notorious "convoy capitalism" or whether the BOJ will be forced to keep pumping out nearly cost-free loans to keep "zombie" banks and borrowers alive.