CHRONOLOGY

2006 BoJ squeezes the monetary base to close off the Koizumi Mini Bubble but with deflationary consequences
2003 Banking Crisis contained under BoJ + FSA co-operation and Takenaka manages the IMF FSAP successfully
1984 Ex MoF bureaucrat Sumita appointed BoJ Governor notably replaced by the BoJ puropa Mieno in late 1989
1927 Showa Financial Crisis banking regulation moves from BoJ to MoF and MoF's 'convoy system' launched
1923 Great Kanto Earthquake and post War depression impacts roll forward by BoJ easy money policy until 1927

 

GLOSSARY

BoJ Bank of Japan nichigin perceived legitimacy has been badly damaged by Abenomics Arrow One cf QQE
Abenomics Arrow I BoJ Quantitative and Qualitative Easing QQE easing was launched 2013 to defeat deflation with CPI 2 pct Inflation Targeting
Household Financial Assets SNA basis Flow of Funds balance prepared by BoJ JPY1,845tr or 340 GDP percent 2017 controversially set against public debt
Koizumi Mini Bubble BoJ monetary easing led to a buoyant economy the BoJ money supply squeeze from March 2006 led to deflationary pressures
nichigin Bank of Japan BoJ kanji abbreviation of nippon ginko legitimacy damaged by QQE etc cf Emperor
QE ryoteki kanwa Quantitative Easing by BoJ as the central bank conventional monetary policy pursued limited to JGB acquisition vs QQE
QQE ryoteki shitsuteki kanwa Quantitative and Qualitative Easing by BoJ unconventional monetary policy pursued beyond JGBs vs QE cf NIRP, ZIRP
tankan BoJ economic survey leading survey of business confidence using diffusion index methodology
Credit Bubble rapidly rising asset prices 1986 - 1990 caused by a BoJ monetary easing to counter the 1985 Plaza Accord impacts
doitsuha Deutsche Schule German faction members notably strong as BoJ puropa cf Ordoliberalism, puropa
Financial Services Agency FSA kinyucho was set up to warehouse NPLs now being squeezed between BoJ and MoF
Flow of Funds FoF statements shikin junkanhyo BoJ statistics showing fund flows + fund stocks in the macro economy cf SNA
kinyucho Financial Services Agency was set up to warehouse NPLs and is now squeezed between BoJ and MoF
legitimacy of sovereign's title good or bad sources limited to Emperor and BoJ otherwise great distrust of the authorities
NIRP Negative Interest Rate Policy having revisited ZIRP BoJ tried limited NIRP from 2016 amid criticism cf ZIRP
tennosei Imperial System along with BoJ the two largely unimpugned sources of legitimacy in Japan
ZIRP Zero Interest Rate Policy BoJ vacillating uncertainty on ZIRP continues from 1999 onwards cf NIRP

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