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Vote Challenges Japan's Central Bank
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Japan's central bank chief, Shirakawa, has come under criticism from both the governing Democratic Party of Japan and the LDP for not acting strongly enough to support Japan's economic growth in 2012. He diluted efforts of setting a 1% inflation target by showing a lack of determination, saying the Bank of Japan could only do so much to tackle deflation, with effort to tackle structural inefficiencies required from the government. The impact of this was to strengthen the yen which weakens Japanese exporters. The LDP candidate for prime minister, Shinzo Abe, in Dec. 2012 general elections, was particularly critical of Shirakawa. Abe is likely to appoint Takatoshi Ito, a Tokyo University economist as the new central bank chief. Ito says Shirakawa talked down each BOJ monetary easing move with cautious language, describing it as a cold shower following each move. This is very different from the talk of the U.S. central bank chief Ben Bernanke, who gave clear signals to financial markets in his statements following monetary easing efforts of QE 1-3. Abe prefers a 2% inflation target and an activist central bank policy comparable to the U.S. Federal Reserve under Ben Bernanke. Financial markets and exchange rates for yen have responded positively to Abe's policy goals.
The Bank of Japan, Japan's central bank, and monetary policy
03/01/2011
The central bank of Japan and its policies for the yen and deflationary trends.
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Target Is 'Flexible,' Says Japan Bank Chief
Wall Street Journal 04/12/2013
Japan Official Cites Fundamentals in Yen's Drop
Wall Street Journal 04/12/2013
G-20 Backs Japan on Yen Policies
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OECD Welcomes BOJ Inflation Target, Easing
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BOJ Price Forecast Falls Short of Target
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Bank of Japan's Inflation Game Going Into Extra Innings
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The Japanese economy and the rising yen in 2010-2012
05/27/2010
The yen reached 86 yen to the dollar by August 2010. Chinese government accumulation of Japanese bonds was amajor factor in the yen's rise in 2010. By August 2011 the yen experienced a new surge going up to 78 yen to the U.S. dollar resulting in intervention by the Bank of Japan in currency markets. Investor flight to safe havens such as the Swiss Franc and the Japanese yen with the debt crisis in the U.S. and the Eurozone. The impact on export markets. The newly elected LDP government of Shinzo took strong action to reverse this and improve export competitiveness in 2013.
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Japan's Yen Rises Above War Jitters, Deflation
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Japan Faces Uphill Battle in Curbing Yen's Rise
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Behind Japan's Allure: Stagnancy
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Electric Cars Make Japan's Gas Engine Industry Anxious
New York Times 11/02/2010
Japanese manufacturers: Leaving home
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Nissan to 'Significantly' Reduce Japan Exports
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Bank of Japan interest rate and monetary policy- 2011-2016
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Grouped Articles
Target Is 'Flexible,' Says Japan Bank Chief
Wall Street Journal 04/12/2013
G-20 Backs Japan on Yen Policies
Wall Street Journal 04/20/2013
OECD Welcomes BOJ Inflation Target, Easing
Wall Street Journal 04/23/2013
BOJ Price Forecast Falls Short of Target
Wall Street Journal 04/28/2013
Bank of Japan's Inflation Game Going Into Extra Innings
Wall Street Journal 04/26/2013
Bank of Japan Sends a Gift to U.S. Markets: Yield Seekers
Wall Street Journal 04/29/2013
Shinzo Abe, prime minister of Japan, and the Bank of Japan's monetary policy
01/30/2012
Failure of the president of the Bank of Japan to take an activist stance and provide confidence to financial markets in Japan. Criticism from the Japanese government and LDP candidate for prime minister Shizo Abe. Unstable politics and government in Japan as three prime ministers from the DPJ party are followed by Shinzo Abe of the LDP.
Grouped Articles
G-20 Backs Japan on Yen Policies
Wall Street Journal 04/20/2013
OECD Welcomes BOJ Inflation Target, Easing
Wall Street Journal 04/23/2013
Japanâs Economy Growing at 3.5% Annualized Rate
New York Times 05/15/2013
New York Times 05/23/2013
Now Comes the Hard Part for Abenomics
Wall Street Journal 07/22/2013
Japanese Prime Minister's Support Tops 70%
Wall Street Journal 02/11/2013
Two central bank chiefs compared- Shirakawa at the Bank of Japan, Bernanke at the U.S. Federal Reserve and King at the Bank of England
01/30/2012
A cautious Shirakawa compared to a vigorous Bernanke, Draghi and King from the MIT School of Economics.
Linked Articles
Bernanke's Imprint on Fed Not Easily Erased
Wall Street Journal 01/30/2012
Vote Challenges Japan's Central Bank
Wall Street Journal 12/13/2012
Criticism of Japan's central bank on the lack of an activist monetary policy to support economic growth 2010-2012
05/07/2012
Shinzo Abe of the LDP, the leading candidate for prime minister after general elections in Dec. 2012, says he will appoint a new central bank chief who supports an activist monetary policy. Abe supports the BOJ setting an inflation target of 2% compared to the 1% under current Bank of Japan chief Shirakawa. Both the governing DPJ and the LDP parties are strongly critical of Shirakawa and prefer to see an activist stance against deflation similiar to the one Ben Bernanke is taking against unemployment in the U.S. Abe returns to power after becoming LDP prime minister following the government of Junichiro Koizumi.
Linked Articles
Vote Challenges Japan's Central Bank
Wall Street Journal 12/13/2012
Pressure Rises on BOJ to Reach Inflation Target
Wall Street Journal 05/07/2012
Ben Bernanke of the U.S. Federal Reserve and the Bank of Japan's Shirakawa- contrasting approaches to communicating monetary policy
12/13/2012
Linked Articles
A Federal Reserve That Is Focused on the Value of Clarity
New York Times 12/13/2012
Vote Challenges Japan's Central Bank
Wall Street Journal 12/13/2012
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