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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.

Articles by Bank of Japan

Bank of Japan Accounts (July 10)

5 days ago

July 12, 2019
Bank of Japan

Assets
(thousand yen)

Gold
441,253,409
Cash1
226,670,566
Japanese government securities
478,556,546,908
Commercial paper2
2,157,789,757
Corporate bonds3
3,154,987,273
Pecuniary trusts (stocks held as trust property)4
831,889,120
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
26,276,504,630
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
525,955,476
Loans (excluding those to the Deposit Insurance Corporation)
46,926,727,000
Foreign currency assets7
6,747,672,346
Deposits with agents8
30,266,699
Others
742,814,960
Total
566,619,078,147

Liabilities and Net Assets
(thousand yen)
Banknotes
107,367,495,696
Current deposits

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(Research Lab) Costs and Benefits of Inflation: A Model Analysis of Japan and the U.S.

8 days ago

Tomohide Mineyama, Wataru Hirata, Kenji Nishizaki (Bank of Japan)
Research LAB No.19-E-2, July 9, 2019
Keywords: Inflation; Social welfare; New Keynesian model; Downward nominal wage rigidity; Zero lower bound; Forward guidance
JEL Classification: E31, E43, E52
Contact: [email protected] (Wataru Hirata)
Summary
Analyzing the costs and benefits of inflation has been a primary subject in monetary economics. This article presents a summary of Mineyama, Hirata, and Nishizaki (2019) [PDF 673KB], which investigates the relationship between inflation and social welfare expressed as the economic satisfaction of households for Japan and the U.S. The authors’ analysis employs a New Keynesian model which embeds the major factors affecting the costs and

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Regional Economic Report (Summary) (July 2019)

9 days ago

This report summarizes the reports from all regional research divisions, mainly at the Bank’s branches in Japan, and is based on data and other information gathered for the meeting of general managers of the Bank’s branches held today. The English translation is based on the Japanese original.
July 8, 2019 Bank of Japan
Full Text [PDF 93KB]
I. Regional Economic Assessments (Overview)
According to assessments from regions across Japan, all nine regions reported that their economy had been either expanding or recovering. The background to this was that domestic demand had continued on an uptrend, with a virtuous cycle from income to spending operating in both the corporate and household sectors, although exports and production had been affected by

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78th Opinion Survey

12 days ago

July 5, 2019
Public Relations Department Bank of Japan

Full Text [PDF 959KB]
Survey Outline
Survey period : From May 9 to June 4, 2019.
Population of the Survey : Individuals living in Japan who are at least 20 years of age.
Sample size : 4,000 people (2,050 people [i.e., 51.3 percent of the overall sample size] provided valid responses to questions).
Sampling method : Stratified two-stage random sampling method.
Survey methodology : Questionnaire survey (mail survey method).

Impression of Present Economic Conditions Compared with One Year AgoPercent, percentage points

75th survey(Sep 2018)
76th survey(Dec 2018)
77th survey(Mar 2019)
78th survey(Jun 2019)
Have improved (A)
7.4
7.3
4.8
3.7
Have remained the same
71.3
70.7
70.9
67.1
Have

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Release of a Public Consultation on Benchmark Reform

15 days ago

July 2, 2019
Financial Markets Department
Bank of Japan
The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks, today, released a public consultation on interest rate benchmark reform "Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks" [PDF 699KB].
Since 2014, efforts have been made on interest rate benchmark reform based on the recommendation by the Financial Stability Board (FSB) to promote the usage of interest rate benchmarks in ways suited to the characteristics of financial instruments and financial transactions. However, since concerns about the sustainability of LIBOR beyond the end of 2021 have rapidly heightened, recent discussions have been centering on preparations for the

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Bank of Japan Accounts (June 30)

15 days ago

July 2, 2019
Bank of Japan

Assets
(thousand yen)

Gold
441,253,409
Cash1
226,031,016
Japanese government securities
476,345,385,393
Commercial paper2
2,213,289,773
Corporate bonds3
3,154,987,273
Pecuniary trusts (stocks held as trust property)4
840,658,484
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
26,236,635,424
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
525,955,476
Loans (excluding those to the Deposit Insurance Corporation)
47,031,427,000
Foreign currency assets7
6,746,382,170
Deposits with agents8
363,981,813
Others
740,513,327
Total
564,866,500,562

Liabilities and Net Assets
(thousand yen)
Banknotes
107,692,791,073
Current deposits

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Eighth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks (by written resolution)

19 days ago

June 28, 2019
Financial Markets Department
Bank of Japan
The eighth meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks was held on June 28, 2019 (by written resolution).
The agenda of the meeting is available on the "Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks" page of the Bank of Japan’s website. The meeting minutes of the eighth meeting will be released on the same page.
Inquiries
Market Infrastructure Division, Financial Markets Department
E-mail : [email protected]

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