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The Impact Of The Bank Of Japans Monetary Policy On Japanese Government Bonds Low Nominal Yields
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Book Synopsis The Impact of the Bank of Japan's Monetary Policy on Japanese Government Bonds' Low Nominal Yields by : Tanweer Akram
Download or read book The Impact of the Bank of Japan's Monetary Policy on Japanese Government Bonds' Low Nominal Yields written by Tanweer Akram and published by . This book was released on 2019 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants of Long-Term Japanese Government Bonds' Low Nominal Yields by : Tanweer Akram
Download or read book The Determinants of Long-Term Japanese Government Bonds' Low Nominal Yields written by Tanweer Akram and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding Long-Term Japanese Government Bonds' Low Nominal Yields by : Tanweer Akram
Download or read book Understanding Long-Term Japanese Government Bonds' Low Nominal Yields written by Tanweer Akram and published by . This book was released on 2014 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past two decades chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP in Japan. Nevertheless long-term Japanese government bonds' (JGBs) nominal yields initially declined and since then have stayed remarkably low and stable. This is contrary to the received wisdom of the existing literature which holds that higher government deficits and indebtedness shall exert upward pressures on nominal yields. This paper examines the relationship between JGBs' nominal yields and short-term interest rates and other factors, such as low inflation and persistent deflationary pressures and tepid growth. It is also argued that Japan has monetary sovereignty, which gives the Government of Japan the ability to service its debt and enables the Bank of Japan (BOJ) to keep JGBs' nominal yields low by ensuring that short-term interest rates are low and by using various other tools of monetary policy. The argument that short-term interest rates and monetary policy are the primarily drivers of long-term interest rates follows Keynes's (1930) insights.
Book Synopsis The Dynamics of Japanese Government Bonds' Nominal Yields by : Tanweer Akram
Download or read book The Dynamics of Japanese Government Bonds' Nominal Yields written by Tanweer Akram and published by . This book was released on 2018 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Unconventional Monetary Policy and Financial Stability by : Alexis Stenfors
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 217 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 Synopsis Assessing the Risks to the Japanese Government Bond (JGB) Market by : Mr.Waikei W. Lam
Download or read book Assessing the Risks to the Japanese Government Bond (JGB) Market written by Mr.Waikei W. Lam and published by International Monetary Fund. This book was released on 2011-12-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of JGBs, and safe-haven flows from heightened sovereign risks in Europe. Over time, however, the market's capacity to absorb new debt will likely shrink as population ages and risk appetite recovers. In the short term, a decline in fund supply from the corporate sector, where financial surpluses are abnormally high, and spillovers from global financial distress could push up JGB yields. Fiscal reforms to reduce public debt more quickly and lengthen the maturity of government bonds will help limit these risks.
Book Synopsis Japanese Monetary Policy by : Kenneth J. Singleton
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 Synopsis Outlook for Interest Rates and Japanese Banks’ Risk Exposures under Abenomics by : Mr.Serkan Arslanalp
Download or read book Outlook for Interest Rates and Japanese Banks’ Risk Exposures under Abenomics written by Mr.Serkan Arslanalp and published by International Monetary Fund. This book was released on 2013-10-18 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how Japan’s long-term interest rates and Japanese banks’ interest rate risk exposures may evolve under Abenomics. Results from a panel regression analysis for major advanced economies shows that long-term government bond yields in Japan are determined to a large extent by growth and inflation outlook, fiscal conditions, demography, and the investor base of government securities. A further deterioration of fiscal conditions would push up long-term rates by about 2 percentage points over the medium term, but the rise is partly offset by higher demand for safe assets amid population aging and increased purchases by the Bank of Japan. At the same time, illustrative scenarios suggest the interest rate risk exposure of Japanese banks could decline substantially over the next two years. However, if structural and fiscal reforms are incomplete, both long-tem yields and interest-risk exposures of Japanese banks could increase over the medium term.
Book Synopsis Interest Rates and Monetary Policy in Japan by : Takayasu Ito
Download or read book Interest Rates and Monetary Policy in Japan written by Takayasu Ito and published by . This book was released on 2005 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy and the Lost Decade by : Mr.Daniel Leigh
Download or read book Monetary Policy and the Lost Decade written by Mr.Daniel Leigh and published by International Monetary Fund. This book was released on 2009-10-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how monetary policy can help ward off a protracted deflationary slump when policy rates are near the zero bound by studying the experience of Japan during the "Lost Decade" which followed the asset-price bubble collapse in the early 1990s. Estimation results based on a structural model suggest that the Bank of Japan's interest-rate policy fits a conventional forward-looking reaction function with an inflation target of about 1 percent. The disappointing economic performance thus seems primarily due to a series of adverse economic shocks rather than an extraordinary policy error. In addition, counterfactual policy simulations based on the estimated structural model suggest that simply raising the inflation target would not have yielded a lasting improvement in performance. However, a price-targeting rule or a policy rule that combined a higher inflation target with a more aggressive response to output would have achieved superior stabilization results.
Book Synopsis The Effectiveness of Japan's Negative Interest Rate Policy by : Naoyuki Yoshino
Download or read book The Effectiveness of Japan's Negative Interest Rate Policy written by Naoyuki Yoshino and published by . This book was released on 2017 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2013, the Bank of Japan (BOJ) introduced an inflation target of 2% with the aim of overcoming deflation and achieving sustainable economic growth. But due to lower international oil prices, it was unable to achieve this target and was forced to take further measures. Hence, in February 2016, the BOJ adopted a negative interest rate policy by massively increasing the money supply through purchasing long-term Japanese government bonds (JGB). The BOJ had previously purchased short-term government bonds mainly, a policy that flattened the yield curve of JGBs. On the one hand, banks reduced the numbers of government bonds because short-term bond yields had become negative, and even the interest rates of long-term government bonds up to 15 years became negative. On the other hand, bank loans to the corporate sector did not increase due to the Japanese economy's vertical investment-saving (IS) curve. Firstly, we explain why the BOJ has to reduce its 2% inflation target in the present low oil price era. Secondly, we argue that Japan cannot make a sustainable recovery from its long-lasting recession and tackle its long-standing deflation problem by means of its current monetary policy and its negative interest rate policy in particular. It is of key importance to make the IS curve downward sloping rather than vertical. That means the rate of return on investment must be positive and companies must be willing to invest if interest rates are set too low. Japan's long-term recession is due to structural problems that cannot be solved by its current monetary policy. The last section reports our simulation results of tackling Japan's aging population by introducing a productivity-based wage rate and postponement of the retirement age, which will help the recovery of the Japanese economy.
Book Synopsis Financial Strains and the Zero Lower Bound by : Mitsuhiro Fukao
Download or read book Financial Strains and the Zero Lower Bound written by Mitsuhiro Fukao and published by . This book was released on 2003 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bank of Japan'S Monetary Easing Measures by : Mr.Waikei W. Lam
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 Synopsis The Outlook for Financing Japan's Public Debt by : Kiichi Tokuoka
Download or read book The Outlook for Financing Japan's Public Debt written by Kiichi Tokuoka and published by International Monetary Fund. This book was released on 2010-01-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the rapid rise in public debt and large fiscal deficits, Japanese Government Bond (JGB) yields have remained fairly stable. Possible factors include: Japan's sizeable pool of household savings, presence of large and stable institutional investors, and strong home bias. These factors are likely to persist for some time, but going forward, the market's capacity to absorb debt is likely to diminish, as population aging reduces savings inflows and financial reforms enhance risk appetite. This could in turn strengthen the link between JGB yields and the stock of public debt. In light of these structural changes in the market, fiscal consolidation will be key for maintaining market stability.
Book Synopsis Monetary Policies in the Age of Uncertainty by : Yoichi Matsubayashi
Download or read book Monetary Policies in the Age of Uncertainty written by Yoichi Matsubayashi and published by Springer Nature. This book was released on 2021-08-23 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.
Book Synopsis Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness by : Mr.Gee Hee Hong
Download or read book Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness written by Mr.Gee Hee Hong and published by International Monetary Fund. This book was released on 2021-02-19 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does unconventional monetary policy affect corporate capital structure and investment decisions? We study the transmission channel of quantitative easing and its potential diminishing returns on investment from a corporate finance perspective. Using a rich bank-firm matched data of Japanese firms with information on corporate debt and investment, we study how firms adjust their capital structure in response to the changes in term premia. Investment responds positively to a reduction in the term premium on average. However, there is a significant degree of cross-sectional variation in firm response: healthier firms increase capital spending and cash holdings, while financially vulnerable firms take advantage of lower long-term yields to refinance without increasing investment.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1451820593 Total Pages :113 pages Book Rating :4.4/5 (518 download)
Book Synopsis Japan by : International Monetary Fund
Download or read book Japan written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-11-02 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sustained decline in fertility rates underlies a rapid aging and decline of Japan's population. This will have profound social and economic implications. The paper illustrates the difficult situation facing Japanese fiscal policy in the years ahead. The findings of this paper indicate that there may be a role for foreign exchange interventions in providing stimulus at the current conjuncture. Deposit insurance reform is a central element in the government strategy to strengthen the Japanese banking system. The unemployment-deflation puzzle in Japan has been explained.
