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...

Window guidance is considered an important instrument of monetary policy by Chinese monetary authorities. Since the middle of 2009, window guidance has been strengthened in response to their fast growing economy and rising real estate prices, leading to the current slowdown in loan growth....

Global commodity prices have been rising again since 2009, and particularly rapidly since the fall of 2010. While the strong increase in commodity prices has been driven by global economic growth propelled by emerging economies, speculative investment flows into commodity markets have amplified...

One of the aspects characterizing inflation expectations is the degree of disagreement or dispersion in such expectations, and dispersion in households' inflation expectations is quite substantial. In phases in which inflation expectations alter, the shape of the distribution of inflation...

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...