KATO WEEKLY REPORT
The BOJ leaning toward pragmatism
- "Indicators to capture the underlying trend of inflation rate” that the Bank of Japan has started to publicize
- The BOJ leaning toward pragmatism
- (Digression) Popular comic book "Ms. Koizumi loves Ramen noodles" and excellent ramen shops in Frankfurt
There are Two Chinas
- There are Two Chinas
- An income increase has changed the consumption landscapes
- China's internet-related services
Inflation expectation seen from "Back to the Future"
- The BOJ has little interest in GDP in the July to September period
- Inflation expectation and the Japanese economy seen from "Back to the Future"
Why has the BOJ forgone additional easing?
- Why has the BOJ forgone additional easing?
- Many of the BOJ board members are aware of downside risks.
- (Digression) Kanda Curry Grand Prix
Possible additional measures
- The so-called new core CPI appears to have risen for the straight four months
- The possibility of the additional easing has been heightened, however, the BOJ might put it off this month
- Possible additional measures
Histograms of CPI components
- Histograms of the year-on-year rates of increase of CPI components
- Adverse side effects will be generated if the BOJ should try to achieve its inflation target early
The basic trend of prices and "Li Keqiang index"
- Governor Kuroda stated "The basic trend of prices has been steadily rising"
- The sharp rise in the Tokyo University's Daily Price Index is a good sign for the Japanese economy?
- "Li Keqiang index"
- Decreases in the foreign exchange reserves are the normalization process to the PBOC
The business hour of a ramen noodle shop and the demographics
- The limit of the Abenomics which relies on the BOJ's QQE
- The demerits of the weaker yen and the fate of the consumption tax rate hike
- The business hour of a ramen noodle shop and the demographics
"The stable inflation rate of 2 %" is a long way
- "The stable inflation rate of 2 %" is a long way
- Neither additional easing nor exit policy is easy for the BOJ (A digression) Olympic stadium and the QQE
The background of devaluation of RMB
- The BOJ's views on inflation
- The background of devaluation of RMB :The IMF seems favorable to the actions taken by the Chinese authorities
Chinese consumer sentiment
- Stock prices and consumer sentiment in China
- Chinese tourists spending aggressively in Osaka, too
- It is necessary to watch carefully the future, but the effect of stock price decline is limited at present
BOJ's economic prospects
- The BOJ exhibited its confidence in the Japanese economic prospects
- The possibility of additional easing ?
- （A digression）Visits to university cafeterias: Toyo University
House rent inflation rate
- An outlook for the Monetary Policy Meeting of the BOJ this week 2. What is the intention of the Director General of the Research and Statistics Department of the BOJ who requested for reviewing the calculation method
- The GC repo rates rose sharply at the end of June in New York, while significant negative rates were observed in Tokyo
- The portfolio rebalancing effect of the BOJ’s QQE is facing constraints as the financial regulations are globally intensified
- A digression: Beef curry sold at ¥ 800 by a sister restaurant of a high-class steakhouse
The reasons why the BOJ reduces the frequency of its MPM
- The reasons why the BOJ reduces the frequency of its Monetary Policy Meetings
- Governor Kuroda showed again his determination to achieve the inflation target
The details on Mr.Kuroda's remarks on June 10
- All about the details on Mr.Kuroda's remarks on June 10 which gave a shock to the foreign exchange market
- BOJ's concern over the delay of recovering the consumption sentiments by the middle and low income brackets due to the depreciation of the yen
Population decline & Immigration discussion
- The BOJ's report analyzing the influence of the population decline on the regional banks
- The international symposium regarding immigration
Inno Way and Chinese Stock Market
- "Inno way" is supporting venture businesses in Beijing
- The year-on-year rate of rise of the Shanghai Composite Index is 141%
- The tail risk in the local government debt problem declined
- The possibility of deciding on the QE by the PBOC?
The weaker yen may worsen the consumption
- The lower incomes people earn, the higher they expect inflation.
- The weaker yen may worsen the consumption.
- BOJ watching: The additional easing becomes distant. How about sustainability of the government bond purchase operations?
Serious split in the Policy Board of the BOJ
- Serious split in the Policy Board of the BOJ
- Relation between the TPA-TPP and the BOJ's QQE
- The government's plan for a fiscal reconstruction based on aneconomic growth significantly faster than the potential growth rate
- (A digression) "Mayweather vs Pacquiao" at a sport bar in Tokyo
" Hometown Tax" Part 2
- " Hometown Tax" Part 2
- The limit of the policy trying to influence the expectations: 98 % of monetary policy depends on talking
- How will the BOJ be able to change the commitment that the inflation of 2 % will be achieved in about 2 years?
- A ruling party member publicly asked the BOJ for additional easing
The Bullet Train and the QQE
- The movie "The Bullet Train, Super Express 109" and the QQE by the BOJ
- Priority is given to achieve inflation target rather than to guard against the asset bubble
- The stance of maintaining the status quo was shown by Governor Kuroda
Gorgeous gifts in the hometown tax system
- The paralyzed sense about the government debts shown by gorgeous gifts in the hometown tax system
- My recent visit to Seoul: significant decrease of Japanese tourists and study-aid books for Samsung's employment test
The MPM of the BOJ next week
- The MPM of the BOJ next week will maintain the current policy unchanged
- The BOJ’s Tankan survey of March; The contents of the survey are slightly weak
- The press conference of Mr. Harada, a new Board member of the BOJ; Stance of aggressive easing and guiding the yen lower recessed
Mobile banking and e-commerce in China
- Large economic differences between various districts in China
- Mobile banking and e-commerce in China appear to have developed most speedily in the world
The communication strategy of the BOJ
- The communication strategy of the BOJ has many problems
- The BOJ should review its thinking of the inflation target in April, after 2 years since the start of the QQE
The real value of the yen is the lowest in 30 years
- The real value of the yen is the lowest in 30 years in the past
- The new member of the BOJ board and Deputy Governor Iwata
The reasons why the BOJ did not decide on additional easing last month
- The reasons why the BOJ did not decide on additional easing at the Monetary Policy Meeting in January
- The remarks of Governor Kuroda are difficult to interpret
The MPM of the BOJ this week
- The Monetary Policy Meeting of the BOJ this week
- The Fund-Provisioning Measure to Stimulate Bank Lending is likely to be extended
The Currency in circulation per a person has reached ¥ 770 thousand
- The Currency in circulation per a person in Japan has reached ¥ 770 thousand
- The assessment of the economy by the Japanese people has worsened
- An Outlook for the Monetary Policy of the BOJ