Fukui prepares to raise rates.

Central Banking Vol XVI No 4 May 2006, 1st May 2006 In March, the Bank of Japan announced a change in its monetary policy. This did not involve any change in interest rates, but paved the way for a rise. At the moment commercial banks have more reserves on deposit...

Japan’s Inflating Expectations.

The Nikkei Financial Daily (Market Eye Column)., 6th March 2006 Share prices on the Tokyo Stock Market have become much more volatile. Investors seem to be having second thoughts about deflation. Until recently, its expected demise was seen as bullish. The market is,...

The Bank of Japan’s high-wire act.

CENTRAL BANKING VOL. XVI. 3 (February 2006)., 1st February 2006 A end to deflation is in sight., but Japan’s monetary-policy makers still fear the dangers of a collapse of the yen and of the bond markets, says Andrew Smithers. A fierce dispute is raging over...

There is little value in broker economics.

Financial Times., 4th January 2006 The FT reports regularly on the views of economists and stockbrokers. Readers might be intrigued by the conflicts between them but they should not be surprised. The purposes of the two groups are completely different. Economists are...