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Bank of Japan

The Bank of Japan (BOJ) also known as Nippon Ginko, is the central bank of Japan. The Bank is often called Nichigin for short. It has its headquarters in Chuo, Tokyo.

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Articles by Bank of Japan

(Research Paper) Consumers’ Price Beliefs, Central Bank Communication, and Inflation Dynamics

1 day ago

September 20, 2019
Kosuke Aoki*1
Hibiki Ichiue*2
Tatsushi Okuda*3
Full Text [PDF 1,095KB]
Abstract
Many developed economies in recent years have been characterized by a tight labor market and a low inflation environment, a phenomenon referred to as "missing inflation." To explain this phenomenon, we develop a dispersed information model in which consumers’ search for cheaper prices affects firms’ pricing behavior. The model shows that firms are reluctant to pass through cost increases because they fear a disproportionate decline in their sales. A history of low and stable inflation amplifies this effect by decreasing consumers’ inflation beliefs. In this case, enhancement of the central bank’s communication regarding its inflation target more

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Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2019: Turnover Data, Japan

2 days ago

September 20, 2019
Bank of Japan
Financial Markets Department
The Bank of Japan is releasing today the results for a part of the triennial turnover survey for foreign exchange and over-the-counter (OTC) derivatives market activity in Japan, concerning the data on turnover in April 2019.
I. Outline of Survey
In April 2019, the Bank of Japan conducted the triennial turnover survey for foreign exchange and over-the-counter derivatives market activity in Japan. This survey comprises a part of the Triennial Central Bank Survey coordinated by the Bank for International Settlements (BIS). The Bank of Japan obtained data from 36 financial institutions; consisting of 12 Japanese banks, 15 foreign banks, two Japanese securities houses, and seven foreign

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Bank of Japan Accounts (September 10)

10 days ago

September 12, 2019
Bank of Japan

Assets
(thousand yen)

Gold
441,253,409
Cash1
231,540,911
Japanese government securities
486,523,186,968
Commercial paper2
2,387,381,482
Corporate bonds3
3,189,116,362
Pecuniary trusts (stocks held as trust property)4
809,409,780
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
27,262,768,481
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
526,997,981
Loans (excluding those to the Deposit Insurance Corporation)
46,720,916,000
Foreign currency assets7
6,684,214,600
Deposits with agents8
8,539,514
Others
758,540,051
Total
575,543,865,543

Liabilities and Net Assets
(thousand yen)
Banknotes
107,031,941,751
Current deposits

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Remarks by Governor Kuroda at the FIN/SUM 2019 (Integrating Finance and Technology for New Growth Opportunities)

18 days ago

日本語

Haruhiko Kuroda
Governor of the Bank of Japan
September 4, 2019
Full Text [PDF 91KB]
Introduction
I am delighted to be given this opportunity to speak to you at the FIN/SUM 2019.
The main theme of this year’s FIN/SUM is "new sources of growth." The key to raising economic growth is to stimulate potential needs and further provide goods and services for which people are willing to pay. According to Schumpeter, firms need to make innovation that leads to the introduction of a new good and the opening of a new market. In recent years, there has been a growing interest in FinTech. It has been driven by the dramatic evolution of information technology, but this is not the only factor. Financial services that did not exist before have been

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Bank of Japan Accounts (August 31)

19 days ago

September 3, 2019
Bank of Japan

Assets
(thousand yen)

Gold
441,253,409
Cash1
233,030,663
Japanese government securities
483,743,718,457
Commercial paper2
2,161,078,778
Corporate bonds3
3,222,868,362
Pecuniary trusts (stocks held as trust property)4
817,187,423
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
27,171,065,975
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
527,028,456
Loans (excluding those to the Deposit Insurance Corporation)
46,931,127,000
Foreign currency assets7
6,703,659,618
Deposits with agents8
12,549,212
Others
754,710,654
Total
572,719,278,012

Liabilities and Net Assets
(thousand yen)
Banknotes
107,435,316,706
Current deposits

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