Bank of Japan

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the central bank of Japan

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References in periodicals archive ?
Note: For simplicity, we ignore other assets and equity capital of the BOJ except for government bonds, equity capital and others of private banks.
There is nothing in recent economic indicators that would lead the BOJ to change its economic outlook now," said Norio Miyagawa, senior economist at Mizuho Securities.
The financial markets reacted to the BOJ move, with the U.
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.
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.
The BOJ will purchase Japanese government bonds so that their amount outstanding will increase at an annual pace of about JPY 80 trillion (USD 707 billion)," the central bank said in the statement.
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.
Achieving the price stability target is the most important mission" for the next BOJ governor, the Asian Development Bank president said during a confirmation hearing at a lower house panel.
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.