bank of japan

Some Real Hope Appears In Japan, Of All Places

By |2019-07-19T12:02:40-04:00July 19th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There are things to feel optimistic about. I’ve been pegged as a doom and gloomer, and so long as things remain as they are, I don’t see what’s wrong about it. Long term, however, I’m as optimistic as anyone. There’s a gigantic wave of economic growth and prosperity just waiting to be unleashed – the [...]

What Tokyo Eurodollar Redistribution Really Means For ‘Green Shoots’

By |2019-04-29T11:55:51-04:00April 29th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Last April, monetary officials in Japan were publicly contemplating ending asset purchases under QQE. This April, they are more quietly wondering what other financial assets they might have to buy just to keep it all going a little longer. I’d suggest something like the clouds passing over the islands or the ocean water surrounding them. [...]

ZIRP At 20; The ZLB Is A Trap, But Not The One Central Bankers Think It Is

By |2019-02-12T17:01:46-05:00February 12th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Were they rushed, or were they late? Middle 2000’s consensus put academic opinion on the latter. The Bank of Japan had been Japan’s central bank since 1882, but it hadn’t been allowed to become a modern one until years into the 1990’s crisis. When speaking on the topic, Economists mostly mean independence and mandate rather [...]

Bond Curves Right All Along, But It Won’t Matter (Yet)

By |2019-01-30T16:47:06-05:00January 30th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Men have long dreamed of optimal outcomes. There has to be a better way, a person will say every generation. Freedom is far too messy and unpredictable. Everybody hates the fat tails, unless and until they realize it is outlier outcomes that actually mark progress. The idea was born in the eighties that Economics had [...]

Insight Japan

By |2019-01-11T16:35:21-05:00January 11th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

As I wrote yesterday, “In the West, consumer prices overall are pushed around by oil. In the East, by food.” In neither case is inflation buoyed by “money printing.” Central banks both West and East are doing things, of course, but none of them amount to increasing the effective supply of money. Failure of inflation, [...]

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