The year-on-year rate of decline in the Consumer Price Index (CPI)--excluding fresh food, since it fluctuates significantly--narrowed to -0.4 percent in April 2003. Meanwhile, the year-on-year change of the GDP deflator for the first quarter of 2003 dropped to its lowest record of -3.5 percent....

In money markets both inside and outside Japan, repos have been a major instrument in both borrowing and lending of cash and securities. With the recent global financial crisis in mind, discussions are taking place at international forums such as the G20 and the Financial Stability Board (FSB)...

Japan's exports have lacked momentum since the Lehman shock. In this paper, we examine export trends for the period by breaking them down into "global trade volume" and "Japan's share." This analysis finds: (1) in addition to sluggish growth for global trading activities, (2) there has been a...

In response to the financial crisis in 2008, there are growing moves around the world to enhance statistics in order to identify the buildup of risks and financial and economic vulnerabilities that would not be captured through existing data. Accordingly, the Bank of Japan (BOJ) worked to...

Large movements in the real estate market not only magnify fluctuations in the real economy but also destabilize the financial system. For this reason, it is quite important for central banks to monitor real estate market trends both in terms of monetary policy and prudential policy. Based on...

From fiscal 2010, Japan's listed companies are obliged to disclose Comprehensive Income (CI). In Japan, CI is disclosed in Statements of Comprehensive Income, which are attracting considerable attention. In the United States, Other Comprehensive Income, including gains/losses on...

Since the 1990s, fund raising behavior of Japanese companies has significantly changed. We conducted empirical studies based on the companies listed on the First Section of the Tokyo Stock Exchange. Our findings can be summarized as follows. (i) The debt-equity ratio of companies with relatively...

This paper examines the relationship between so-called commodity currencies and commodity prices in recent years. Commodity prices have fluctuated significantly during this time period. Commodity currencies -- the currencies of large commodity exporters such as Australia, Canada, Chile, and...

Structural adjustments in the labor market continue, such as reduction of bonuses, no regular increase in basic salary, and the switch from regular workers to part-time workers. The decline in household income, therefore, has still not come to a halt. Macroeconomic statistics, such as GDP...

Funding conditions in global money markets have tightened since August 2007. In various currency-denominated money markets, term funding rates have come under upward pressure because of heightened concerns about counterparty credit and liquidity risks. Although the magnitude of upward pressure...