bank of japan

BoJ Blames Amazon; Or, What A Difference A Few Months Make

By |2018-06-18T13:21:02+00:00June 18th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Bank of Japan gathered its policymaking members in Tokyo at the end of last week. The statements released and the commentary given pursuant to it exuded a renewed darkness. When they had last met on April 26 and 27, things were already different. But the conclave before that, March 8 and 9, they were [...]

And Now For Something Completely Different

By |2018-05-16T12:02:10+00:00May 16th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Back in February, Japan’s Cabinet Office reported that Real GDP in Japan had grown in Q4 2017 for the eighth consecutive quarter. It was the longest streak of non-negative GDP since the 1980’s. Predictably, this was hailed as some significant achievement, a true masterstroke of courage and perseverance. It was taken as a sign that [...]

The Best ‘Reflation’ Indicator May Be Japanese

By |2018-04-02T17:16:00+00:00April 2nd, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Japanese industrial production dropped sharply in January 2018, Japan’s Ministry of Economy, Trade, and Industry reported last month. Seasonally-adjusted, the IP index fell 6.8% month-over-month from December 2017. Since the country has very little mining sector to speak of, and Japan’s IP doesn’t include utility output, this was entirely manufacturing in nature (99.79% of the [...]

Questions Not of Success, But of the Effectiveness of Illusion

By |2018-03-06T11:54:09+00:00March 6th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Last week, Bank of Japan Governor Haruhiko Kuroda unleashed a mini-controversy with remarks he now claims were taken somewhat out of context. On March 2, speaking before Japan’s parliament, the central banker sure sounded quite confident: Right now, the members of the policy board and I think that prices will move to reach 2 percent [...]

This Explains A LOT (And It’s Still Not Enough)

By |2018-01-26T13:23:43+00:00January 26th, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

NOTE: This is really the second half of an earlier missive on the changing nature of the eurodollar system post 2014-16. While it’s not absolutely necessary to read the first here, it’s probably a good idea. The reason nothing ever goes in a straight line is that first everything is always changing. How and why [...]