The BOJ’s Yen Dilemma
The United States and Japan have shown an unusual degree of coordination in defending the yen. Yet beneath that apparent unity lies a fundamental disagreement...
Tag: BOJ
Japan Is Winning the Battle, Not the Currency War
Japan has spent extraordinary amounts of money defending the yen. The result, so far, is less impressive. After the first coordinated US-Japan intervention since 1998,...
The Yen Intervention Marks the Return of Currency Diplomacy
Foreign-exchange intervention is often dismissed as a temporary exercise in market management. Governments spend billions buying or selling currencies, speculators step aside for a few...
Japan’s Bond Market Starts Cracking and the Dollar System May Be Next
For years, global finance functioned around a dangerous but convenient illusion: Japan would finance everybody forever. The country remained the ultimate source of global liquidity....
BOJ Rocks the Boat with a 17-Year Rate High
The Bank of Japan surprised the market by hiking its key interest rate to 0.5%, the highest level in 17 years, and adopting a notably...
Central Banks A drift in Uncharted Waters
The decades preceding the pandemic may have had their rocky moments, but they now enjoy a retrospective glow of tranquillity. That era, marked by subdued...
Bank of Japan Hints at Possible Rate Hike Amid Unwavering Inflation Goals
The Bank of Japan (BoJ) has once again decided to keep its benchmark interest rate unchanged, clinging to the path toward its inflation target. This...
Jackson Hole meeting: to a cut of interest rate on September
Officials from three of the world’s leading central banks announced on Friday that they are firmly on track to lower—or continue lowering—interest rates in the...
Central Bank Chaos: Divergence, Uncertainty, and the Global Economic Rollercoaster
Central bankers and policymakers are gathering for one of the world’s most significant economic forums this week. They are expected to be more divided than...