Liquidity in the Cash Market:
|
|
|
- Alexandrina Sims
- 5 years ago
- Views:
Transcription
1 Liquidity in the Cash Market: An Evaluation from Detailed Transaction Data August 2018 Toshiyuki Sakiyama Shun Kobayashi Bank of Japan The views presented here are those of the authors and do not necessarily reflect those of the Bank of Japan
2 Importance of grasping JGB cash market liquidity BoJ has been purchasing massive amounts of cash JGBs since the introduction of Quantitative and Qualitative Monetary Easing (QQE) in April 2013 (In September 2016, BoJ introduced a new framework, QQE with Yield Curve Control ). As a result, BoJ holds over 40% of all JGB issuances. Therefore, it is important to grasp in more detail the liquidity in the JGB cash market, from which BoJ purchases JGBs in particular. The definition of market liquidity is not necessarily uniform and its quantitative measurement is not simple. Therefore, BoJ tries to capture market liquidity from a broader range of perspectives by utilizing liquidity indicators, market surveys and dialogues with market participants. Share of JGB holdings by BoJ BoJ s initiative for grasping JGB market liquidity Contents Focus (i) Liquidity Indicators in the JGB Markets Liquidity indicators using individual transaction data to monitor liquidity in the JGB markets from multiple angles Indicators include both those for the JGB futures market and for the JGB cash market. (ii) Bond Market Survey Market participants views on functioning of the bond market, outlook of interest rates Respondents are banks, securities companies, insurance companies etc. Source: Bank of Japan We expanded liquidity indicators by acquiring tick data 2
3 Expansion of Liquidity indicators based on detailed transaction data BoJ has been releasing Liquidity Indicators in the JGB Markets each quarter since In compiling indicators, we focus on four evaluation axes: volume, tightness, depth, and resiliency. However, compilation of liquidity indicators in the JGB cash market was inadequate due to difficulty of obtaining detailed transaction data. We decided to acquire tick data from Japan Bond Trading, the largest company for intermediation of inter-dealer transactions, and expand liquidity indicators. Liquidity Indicators in the JGB Markets released by the BoJ Newly compiled liquidity indicators 3
4 Liquidity indicators transaction volume From the trend of inter-dealer transactions since 2016, we found that transaction volume remained close to the same level. However, with the newly acquired detailed transaction data, we have been able to examine the number of issues of cash JGBs traded each day, which amounted to after fall 2015, and then decreased several times to less than 50 in the second half of Inter-dealer daily transaction volume Inter-dealer daily traded issues (based on new data) Notes: 1. Transaction volume is the sum of 2-year, 5-year, 10-year, 20-year, 30-year, and 40-year JGBs via Japan Bond Trading. 2. Number of issues indicates 10-day backward moving average. Latest data as at end-february Sources: QUICK, the Japan Bond Trading 4
5 Liquidity indicators tightness By using new data, we can also check tightness (measured by bid-ask spreads) in more detail. Bid-ask spreads of dealer-to-client transactions Bid-ask spreads of inter-dealer transactions (based on new data) Note: Quotations through Trade web as of 3:00 p.m. Dotted lines indicate the first/third quartile spreads between January 2010 and March day backward moving average. Latest data as at end-may Source: Thomson Reuters Notes: Figures indicate the average of bid-ask spreads with a 1-second frequency. Bid-ask spreads are calculated only for time periods in which both best-bid and best-ask prices were submitted. 10-day backward moving average. Latest data as at end-may Source: Japan Bond Trading. 5
6 Liquidity indicators depth Without newly acquired data, we couldn t construct a depth (The larger the volume of orders at the current price level, the smaller the difference between the investors intended prices and the actual prices). Based on the new data, we can construct a new measure the volume of orders at the best-ask(bid) price - which enables us to capture liquidity in the intraday market by issue. Best-worst quote spreads of dealer-to-client transactions Volume of orders at the best-ask (best-bid) price of inter-dealer transactions (based on new data) Note: Calculated by averaging the spreads between the best and worst quotes offered by dealers against each client request. Transactions with spreads wider than 10 bps are excluded from the calculation. Latest data as at end-may Source: Yensai.com Note: Calculated by summing up the median of volume of orders at the best-ask (best-bid) price with a 1-second frequency per issue. 10-day backward moving average. Latest data as at end-may Source: Japan Bond Trading. 6
7 Liquidity indicators resiliency So far, we depended on a crude measure daily price range to transaction volume ratio to grasp the resiliency of the JGB cash market. Based on the new data, we can construct a new resiliency measure. We have measured the impact of change per unit volume of orders on market prices with information related to orders such as the best-bid and best-ask prices, which is frequently updated rather than with information related to the execution of orders. 5-year Daily price range to transaction volume ratio Price impact of inter-dealer transactions (based on new data) 10-year Note: Daily price range (the difference between the highest and lowest transaction prices of the day) divided by the transaction volume of the day. 10-day backward moving average. Latest data as at end-february Source: QUICK. Note: The impact of change per unit of order flow imbalances (OFI, proposed by Cont, Kukanov, and Stoikov(2014)) on market prices measured by dividing change width of the best-bid (best-ask) prices by OFI. 10-day backward moving average. Latest data as at end-february Sources: QUICK; Japan Bond Trading. 7
8 Conclusion Examining new liquidity indicators suggests that, as a whole, they have gradually improved since the fall of 2016, after worsening at the beginning of This suggests it is easier to trade now than it was following the introduction of Negative Interest Rate. However, we must continue to pay attention to future developments in market liquidity because transaction volume has not increased while some indicators have improved. We also found that improvement in short-term and off-the-run bonds is relatively delayed and have observed situations where liquidity temporarily deteriorates within a day. There are remaining points that we cannot grasp very well with indicators (e.g., difficulty in conducting large amount transactions). Thus, it is important to carefully examine these points by using communication with market participants as well as indicators. Number of issues thought to be conducted as large amount transactions (based on new data) Number of issues and volume of orders assumed as large amount transactions (based on new data) Note: Large amount transactions are 5 billion yen. 10-day backward moving average. Latest data as at end-february Source: Japan Bond Trading. Note: Number of issues whose volume of orders at the best-ask exceeds 2.5 billion yen on average per day. Circle size represents the total volume of orders thought to be conducted as large amount transactions. Source: Japan Bond Trading. 8
Liquidity in the JGB Cash Market: An Evaluation from Detailed Transaction Data
March 218 Liquidity in the JGB Cash Market: An Evaluation from Detailed Transaction Data Financial Markets Department, Bank of Japan Toshiyuki Sakiyama Shun Kobayashi Please contact below in advance to
Liquidity Indicators in the JGB Markets
December 27, 217 Financial Markets Department Bank of Japan Liquidity Indicators in the JGB Markets Indicators in the JGB Futures Market Chart 1: Transaction Volume and Trade Size Chart 2: Bid-ask Spreads
Indicators Related to Liquidity in JGB Markets
Bank of Japan Review -E- Indicators Related to Liquidity in JGB Markets Financial Markets Department Kenji Nishizaki, Akira Tsuchikawa, Tomoyuki Yagi November Japanese government bonds (JGBs) have a range
Outlook for Economic Activity and Prices (April 2017) Summary
April 27, 2017 Bank of Japan The Bank's View 1 Outlook for Economic Activity and Prices (April 2017) Summary Japan's economy is likely to continue expanding and maintain growth at a pace above its potential,
Arbitrage Activities between Offshore and Domestic Yen Money Markets since the End of the Quantitative Easing Policy
Bank of Japan Review 27-E-2 Arbitrage Activities between Offshore and Domestic Yen Money Markets since the End of the Quantitative Easing Policy Teppei Nagano, Eiko Ooka, and Naohiko Baba Money Markets
Outlook for Economic Activity and Prices (October 2017)
Outlook for Economic Activity and Prices (October 2017) October 31, 2017 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
Summary of Opinions at the Monetary Policy Meeting 1,2 on December 17 and 18, 2015
Not to be released until 8:50 a.m. Japan Standard Time on Friday, January 8, 2016. January 8, 2016 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on December 17 and 18, 2015 I. Opinions
Summary of Opinions at the Monetary Policy Meeting 1,2 on June 14 and 15, 2018
Not to be released until 8:50 a.m. Japan Standard Time on Monday, June 25, 2018. June 25, 2018 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on June 14 and 15, 2018 I. Opinions on
The total of major banks, regional banks, and shinkin banks covered in this Report is as follows (as at September 30, 2017).
BANK OF JAPAN OCTOBER 17 The total of major banks, regional banks, and shinkin banks covered in this Report is as follows (as at September 3, 17). Major banks comprise the following 1 banks: Mizuho Bank;
Outlook for Economic Activity and Prices (January 2018)
Outlook for Economic Activity and Prices (January 2018) January 23, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
Outlook for Economic Activity and Prices (April 2018)
Outlook for Economic Activity and Prices (April 2018) The Bank's View 1 Summary April 27, 2018 Bank of Japan Japan's economy is likely to continue growing at a pace above its potential in fiscal 2018,
Mizuho Economic Outlook & Analysis
Mizuho Economic Outlook & Analysis The BOJ s Comprehensive Assessment will be a de facto game changer of its monetary policy framework - Five Proposals for the extension of monetary easing toward the year
Summary of Opinions at the Monetary Policy Meeting 1,2 on June 15 and 16, 2017
Not to be released until 8:50 a.m. Japan Standard Time on Monday, June 26, 2017. June 26, 2017 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on June 15 and 16, 2017 I. Opinions on
Outlook for Economic Activity and Prices (January 2019)
January 23, 2019 Bank of Japan Outlook for Economic Activity and Prices (January 2019) The Bank's View 1 Summary Japan's economy is likely to continue on an expanding trend throughout the projection period
THOMSON REUTERS BENCHMARK SERVICES LIMITED
THOMSON REUTERS BENCHMARK SERVICES LIMITED Benchmark Statement WM/Reuters London 4pm Closing Spot Rate Date of Publication and Last Update: 24 July 2018 Thomson Reuters Document Classification: Public
Outlook for Economic Activity and Prices (July 2018)
Outlook for Economic Activity and Prices (July 2018) July 31, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue growing at a pace above its potential in fiscal 2018, mainly
Mizuho Economic Outlook & Analysis
Mizuho Economic Outlook & Analysis The BOJ after the Comprehensive Assessment will shift to a managed float system with the US adoption of Trumponomics - The BOJ may tolerate a gradual rise without fixing
September 21, 2016 Bank of Japan
September 21, 2016 Bank of Japan Comprehensive Assessment: Developments in Economic Activity and Prices as well as Policy Effects since the Introduction of Quantitative and Qualitative Monetary Easing
Koji Ishida: Japan s economy, price developments and monetary policy
Koji Ishida: Japan s economy, price developments and monetary policy Speech by Mr Koji Ishida, Member of the Policy Board of the Bank of Japan, at a meeting with business leaders, Fukuoka, 18 February
Designing Scenarios for Macro Stress Testing (Financial System Report, April 2016)
Financial System Report Annex Series inancial ystem eport nnex A Designing Scenarios for Macro Stress Testing (Financial System Report, April 1) FINANCIAL SYSTEM AND BANK EXAMINATION DEPARTMENT BANK OF
Summary of Opinions at the Monetary Policy Meeting 1,2 on December 19 and 20, 2018
Not to be released until 8:50 a.m. Japan Standard Time on Friday, December 28, 2018. December 28, 2018 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on December 19 and 20, 2018 I.
Summary of Opinions at the Monetary Policy Meeting 1,2 on September 20 and 21, 2017
Not to be released until 8:50 a.m. Japan Standard Time on Friday, September 29, 2017. September 29, 2017 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on September 20 and 21, 2017
Summary of Opinions at the Monetary Policy Meeting 1,2 on October 30 and 31, 2017
Not to be released until 8:50 a.m. Japan Standard Time on Thursday, November 9, 2017. November 9, 2017 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on October 30 and 31, 2017 I.
Summary of Opinions at the Monetary Policy Meeting 1,2 on March 8 and 9, 2018
Not to be released until 8:50 a.m. Japan Standard Time on Monday, March 19, 2018. March 19, 2018 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on March 8 and 9, 2018 I. Opinions
Why will the exit from the current monetary policy cause losses to the BOJ? Since the beginning of QQE in April 2013, the BOJ has supplied the monetar
September 20, 2017 < Exit from QQE > What loss will the BOJ incur if it exits QQE right now? Ikuko FUEDA-SAMIKAWA (Principal Economist) * Tetsuaki TAKANO (Economist) The argument over the exit from unconventional
Re-anchoring Inflation Expectations via "Quantitative and Qualitative Monetary Easing with a Negative Interest Rate"
August 27, 2016 Bank of Japan Re-anchoring Inflation Expectations via "Quantitative and Qualitative Monetary Easing with a Negative Interest Rate" Remarks at the Economic Policy Symposium Held by the Federal
Market Operations in Fiscal 2016
July 2017 Market Operations in Fiscal 2016 Financial Markets Department Bank of Japan Please contact below in advance to request permission when reproducing or copying the content of this report for commercial
Overview Panel: Re-Anchoring Inflation Expectations via Quantitative and Qualitative Monetary Easing with a Negative Interest Rate
Overview Panel: Re-Anchoring Inflation Expectations via Quantitative and Qualitative Monetary Easing with a Negative Interest Rate Haruhiko Kuroda I. Introduction Over the past two decades, Japan has found
BOJ's communication strategy of policy normalization
BOJ's communication strategy of policy normalization Takahide Kiuchi Executive Economist 2018/10/24 Nomura Research Institute Otemachi Financial City Grand Cube 1-9-2 Otemachi, Chiyoda-ku, Tokyo 100-0004,
Fixed income market update
April 1, 216 Fixed income market update Taplin, Canida & Habacht, LLC BMO Global Asset Management 11 Brickell Bay Drive Suite 21 Miami, Florida 33131 p 35-379-21 f 35-379-4452 tchinc.com Fixed income market
Negative Interest Rate Policy and Sophistication of Risk Control
ABeam Financial Market Insight Introduction of negative interest rate policy which was decided at the monetar y policy meeting held in January 29, 2016which commenced from February 16, 2016. Many people
Japan's Economy and Monetary Policy
Japan's Economy and Monetary Policy Speech at a Meeting with Business Leaders in Miyagi February 4, 2015 Kikuo Iwata Deputy Governor of the Bank of Japan Chart 1 World Economy and Exports Projections for
Discussion: The Microstructure of the TIPS Market paper by Michael J. Fleming & Neel Krishnan
Discussion: The Microstructure of the TIPS Market paper by Michael J. Fleming & Neel Krishnan Dariush Mirfendereski Managing Director Head of Inflation Linked Trading UBS Investment Bank 10 February, 2009
Japan's Economy and Monetary Policy
Japan's Economy and Monetary Policy Speech at a Meeting with Business Leaders in Osaka September, 8 Haruhiko Kuroda Governor of the Bank of Japan Japan's Economy Chart Real GDP s.a., ann., tril. yen 9
Debt Management Systems
3 Debt Management Systems (1) System Fig.2-17 Mechanism of General Account Transfer Fixed-rate transfer Special transfer on tax reduction-related Special Deficit-financing Bonds Transfer of budgetary surplus
Impacts of interest rate environment on Japanese insurance sector
NOT FOR CIRCULATION Impacts of interest rate environment on Japanese insurance sector - From "negative spread" to "negative rate" - November 2016 Takashi HAMANO Deputy Commissioner for International Affairs
Key Points of Today's Policy Decisions
(Reference) January 29, 2016 Bank of Japan Key Points of Today's Policy Decisions The Introduction of "Quantitative and Qualitative Monetary Easing (QQE) with a Negative Interest Rate" The Bank will apply
Economic Activity, Prices, and Monetary Policy in Japan
August 31, 2017 Bank of Japan Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Business Leaders in Ehime Takako Masai Member of the Policy Board (English translation based
Sustainability of Quantitative and Qualitative Monetary Easing
Mizuho Economic Outlook & Analysis March 31, 2015 Sustainability of Quantitative and Qualitative Monetary Easing Mizuho Research Institute Ltd. Takehiro Noguchi, Senior Economist takehiro.noguchi@mizuho-ri.co.jp
The total of 10 major banks, 105 regional banks, and 256 shinkin banks covered in this Report is as follows (as at September 30, 2016).
OCTOBER 1 The total of 1 major banks, 1 regional banks, and shinkin banks covered in this Report is as follows (as at September 3, 1). The 1 major banks comprise Mizuho Bank, The Bank of Tokyo-Mitsubishi
"Quantitative and Qualitative Monetary Easing with Yield Curve Control": After Half a Year since Its Introduction
March 24, 2017 B ank of Japan "Quantitative and Qualitative Monetary Easing with Yield Curve Control": After Half a Year since Its Introduction Speech at a Reuters Newsmaker Event in Tokyo Haruhiko Kuroda
Debt Management Report
2017 Debt Management Report The Government Debt Management and the State of Public Debts Contents Preface 1 About Debt Management Report 2 2 What is Debt Management Policy? 3 (1) Overview 3 (2) Framework
Nobuyasu Atago Chief Forecaster, Japan Center for Economic Research
May 2013 SA154 Short-Term Forecast for the Japanese Economy (2013/4-6 2015/1-3) Yen Correction and Rising Stock Prices Boost Economic Recovery - Risk that wealth effect will exacerbate fluctuations in
Quantitative and Qualitative Monetary Easing
Japan's Economy and Monetary Policy: Toward Overcoming Deflation Speech at a Meeting Held by the Naigai Josei Chousa Kai (Research Institute of Japan) in Tokyo July 29, 213 Haruhiko Kuroda Governor of
Data Analysis and Machine Learning Lecture 8: Limit Order Book and Order Flow Imbalance
Data Analysis and Machine Learning Lecture 8: Limit Order Book and Order Flow Imbalance Guest Lecturer: Douglas M. Vieira PhD student, Imperial College London 2017.11.01 Outline of the lecture Order flow
amount became merely a goal in that the BOJ stated that it will conduct purchases more or less in line with the current pace -- an annual pace of incr
May 23, 2017 < Review of the BOJ s JGB Purchases > Pace of Increase in BOJ s Holding of JGBs Slowing Does the purchase limit risk still remain? Ikuko FUEDA-SAMIKAWA (Principal Economist) 1 Tetsuaki TAKANO
Economic Activity, Prices, and Monetary Policy in Japan
September 6, 2018 Bank of Japan Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Business Leaders in Kanagawa Goushi Kataoka Member of the Policy Board (English translation
Risks from Extending the QQE Policy. Bank of Japan s JGB Purchases to reach Limits in June 2017
27 January 2016 Risks from Extending the QQE Policy Bank of Japan s JGB Purchases to reach Limits in June 2017 JCER Financial Research Team How long can the
FINANCIAL MARKETS REPORT SUPPLEMENT
FINANCIAL MARKETS REPORT SUPPLEMENT Changes Observed in Money Markets after the Rise in the Policy Interest Rate in July Financial Markets Department Bank of Japan April 7 * The Bank of Japan has monitored
BOJ s QQE with Yield Curve Control
BOJ s QQE with Yield Curve Control Coping with Macroeconomic Vulnerabilities and Spillovers jointly organized by the University of Tokyo and the IMF Regional Office for Asia and the Pacific November 7-8,
Summary of Opinions at the Monetary Policy Meeting 1,2 on April 26 and 27, 2018
Not to be released until 8:50 a.m. Japan Standard Time on Thursday, May 10, 2018. May 10, 2018 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on April 26 and 27, 2018 I. Opinions
Outlook for Economic Activity and Prices (April 2014)
April 30, 2014 Bank of Japan Outlook for Economic Activity and Prices (April 2014) The Bank's View 1 Summary From fiscal 2014 through fiscal 2016, Japan's economy is likely to continue growing at a pace
Japan's Growth Potential and Quantitative and Qualitative Monetary Easing
June 3, 2 0 14 B ank of Japan Japan's Growth Potential and Quantitative and Qualitative Monetary Easing Remarks at a Panel Discussion at The Bank of Korea International Conference 2014 Kikuo Iwata Deputy
The End of Quantitative Easing and the Market Implication
The End of Quantitative Easing and the Market Implication European Central Bank Kazuki Fukunaga General Manager & Treasurer European Global Markets Division 31 st May 26 What was Quantitative Easing? Policy
Outlook for Economic Activity and Prices (October 2014)
October 31, 2014 Bank of Japan Outlook for Economic Activity and Prices (October 2014) The Bank's View 1 Summary From fiscal 2014 through fiscal 2016, Japan's economy is likely to continue growing at a
Agenda 1. May 6th General Market Context 2. Preliminary Findings 3. Initial Q&A 4. Next Steps and Analysis 5. Closing Q&A
Slide 1 Agenda 1. May 6 th General Market Context 2. Preliminary Findings a)securities b)futures 3. Initial Q&A 4. Next Steps and Analysis a)securities b)futures c) Joint 5. Closing Q&A Slide 2 General
Bank of Japan Review. Japan s Flow of Funds Accounts: Main Characteristics and Measures for Enhancement. April 2012
Bank of Japan Review 212-E-4 Japan s Flow of Funds Accounts: Main Characteristics and Measures for Enhancement Shuji Kobayakawa and Ryoichi Okuma Research and Statistics Department April 212 Japan s Flow
Yukitoshi Funo: Economic activity and prices in Japan, and monetary policy
Yukitoshi Funo: Economic activity and prices in Japan, and monetary policy Speech by Mr Yukitoshi Funo, Member of the Policy Board of the Bank of Japan, at a meeting with business leaders, Hyogo, 23 March
Money Market Operations in Fiscal 2004
Money Market Operations in Fiscal 24 August 25 Financial Markets Department Bank of Japan (The Japanese original was released on May 26, 25) Summary In fiscal 24, the Bank of Japan did not change the target
Outlook for 10Y JGB Auction
Japan Fixed Income August 1, 2018 Japanese report: August 1, 2018 (DSMR757) Outlook for 10Y JGB Auction Cautious bidding expected Digesting the MPM, the JGB market faces strong selling pressure as market
Financial Results for the Fiscal Year Ended March 31, 2016
May 13, 2016 Financial Results for the Fiscal Year Ended March 31, 2016 The Dai-ichi Life Insurance Company, Limited (the "Company" or the "Parent Company"; President: Koichiro Watanabe) announces its
The Relation between Government Bonds Liquidity and Yield
Capital Markets The Relation between Government Bonds Liquidity and Yield Pil-kyu Kim, Senior Research Fellow* In this article, I analyze the microstructure of government bonds liquidity using trading
Outlook for Economic Activity and Prices
Not to be released until : p.m. Japan Standard Time on Saturday, October 31, 15. October 31, 15 Bank of Japan Outlook for Economic Activity and Prices October 15 (English translation prepared by the Bank's
Outlook for Economic Activity and Prices
Not to be released until : p.m. Japan Standard Time on Wednesday, November, 16. November, 16 Bank of Japan Outlook for Economic Activity and Prices October 16 (English translation prepared by the Bank's
Haruhiko Kuroda: Quantitative and qualitative monetary easing and the financial system toward realisation of a vigorous financial system
Haruhiko Kuroda: Quantitative and qualitative monetary easing and the financial system toward realisation of a vigorous financial system Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at
"Comprehensive Assessment" of the Monetary Easing and "QQE with Yield Curve Control"
September 26, 2016 Bank of Japan "Comprehensive Assessment" of the Monetary Easing and "QQE with Yield Curve Control" Speech at a Meeting with Business Leaders in Osaka Haruhiko Kuroda Governor of the
Interest Rate Futures
Interest Rate Futures Updated 15 Aug, 2017 5 Years Government Bond Futures is futures contract on 5 Year Thai Government Bond with 5% coupon rate 3M BIBOR Futures is interest rate futures contract on 3M
Japan's Economy and Monetary Policy
September 25, 2018 Bank of Japan Japan's Economy and Monetary Policy Speech at a Meeting with Business Leaders in Osaka Haruhiko Kuroda Governor of the Bank of Japan (English translation based on the Japanese
8. Financial Markets. Introduction. Interest Rates
8. Financial Markets Introduction 8.1 This chapter covers market-based FSIs required for assessing the health of the financial system. The chapter is divided into two sections: interest rate and securities
Summary of Opinions at the Monetary Policy Meeting 1,2 on July 30 and 31, 2018
Not to be released until 8:50 a.m. Japan Standard Time on Wednesday, August 8, 2018. August 8, 2018 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on July 30 and 31, 2018 I. Opinions
Japan's Economy and Monetary Policy
Japan's Economy and Monetary Policy Speech at a Meeting with Business Leaders in Kyoto August, 8 Masayoshi Amamiya Deputy Governor of the Bank of Japan Japan's Economy Chart Length of Economic Recovery
Predicting the Markets: Chapter 11 Charts: Predicting Bonds
Predicting the Markets: Chapter 11 Charts: November 1, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents
3 Debt Management Systems
3 Debt Management Systems (1) System All the bonds issued to fund a shortfall in General Account and Special Accounts of the national budget are repaid through the Government Debt Consolidation Fund (GDCF).
HSBC North America Holdings Inc Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results
2018 Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results Date: July 2, 2018 TABLE OF CONTENTS 1. Overview of the Comprehensive Capital Analysis and Review
SME Finance in Japan
October 9, 212 SME Finance in Japan ー Experiences and Challenges - Financial System and Bank Examination Department, Bank of Japan Atsushi Miyanoya 1. Difficulty of SME Finance Small and medium-sized enterprises
Fiscal Aspects of Normalizing Central Banks Balance Sheets
Fiscal Aspects of Normalizing Central Banks Balance Sheets Athanasios Orphanides MIT July, FRB New York & Columbia University Normalizing Central Banks Balance Sheets: What is the New Normal? The ZLB and
Outlook for Economic Activity and Prices (April 2010)
April 30, 2010 Bank of Japan Outlook for Economic Activity and Prices (April 2010) The Bank's View 1 The global economy has emerged from the sharp deterioration triggered by the financial crisis and has
The Outlook and Challenges for Japan's Economy
The Outlook and Challenges for 's Economy Speech at a Meeting with Business Leaders in Osaka October, Masaaki Shirakawa Governor of the Bank of Chart The Bank of 's Economic and Price Forecasts A. Real
Economic Activity, Prices, and Monetary Policy in Japan
November 8, 2017 Bank of Japan Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Business Leaders in Miyazaki Yukitoshi Funo Member of the Policy Board (English translation
The Bank of Japan s Experience with Non-Traditional Monetary Policy. October 2010 Kazuo Ueda The University of Tokyo
The Bank of Japan s Experience with Non-Traditional Monetary Policy October 2010 Kazuo Ueda The University of Tokyo Despite the Adoption of Non- Traditional Monetary Policy Measures, Japan is still in
Financial Results for the Fiscal Year Ended March 31, 2017
May 15, 2017 Financial Results for the Fiscal Year Ended March 31, 2017 The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Seiji Inagaki) announces its financial results for the fiscal
Financial Results for the Fiscal Year Ended March 31, 2015
May 15, 2015 Financial Results for the Fiscal Year Ended March 31, 2015 The Dai-ichi Life Insurance Company, Limited (the "Company" or the "Parent Company"; President: Koichiro Watanabe) announces its
Outlook for Japan's Economy and Challenges to Achieving the Price Stability Target of 2 Percent
M a y 13, 2 1 6 B ank of Japan Outlook for Japan's Economy and Challenges to Achieving the Price Stability Target of 2 Percent Speech at a Meeting Held by the Naigai Josei Chosa Kai (Research Institute
Current Situation, Outlook, and Challenges
's Economy: Current Situation, Outlook, and Challenges November 8, Masaaki Shirakawa Governor of the Bank of Chart The Bank of 's Economic and Price Forecasts A. Real GDP B. CPI (all items less fresh food)..
Haruhiko Kuroda: Outlook for Japan s economy and challenges to achieving the price stability target of 2 percent
Haruhiko Kuroda: Outlook for Japan s economy and challenges to achieving the price stability target of 2 percent Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at a meeting held by the Naigai
The Role of Foreign Financial Institutions in Japan's Financial System
September 29, 2014 Bank of Japan The Role of Foreign Financial Institutions in Japan's Financial System Speech at a Meeting Held by the International Bankers Association of Japan Haruhiko Kuroda Governor
Outlook for Economic Activity and Prices and Monetary Policy
M a y 10, 2 0 1 7 Bank of Japan Outlook for Economic Activity and Prices and Monetary Policy Speech at a Meeting Held by the Naigai Josei Chosa Kai (Research Institute of Japan) in Tokyo Haruhiko Kuroda
Russell Investments: Fixed Income Trading
Russell Investments: Fixed Income Trading Jason Lenzo Director; Equity, Fixed Income & FX Trading Brandon Rasmussen - Head of Fixed Income Trading August 2017 EXECUTIVE SUMMARY Meeting our clients objectives
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS April June 2013 During the second quarter, the U.S. dollar s nominal trade-weighted exchange value increased 1.7 percent as measured by the Federal
Potential Gains from the Reform Package
Chart 1 Potential Gains from the Reform Package GDP per capita, % 18 16 14 12 8 6 4 2 Ireland Germany Finland Portugal Spain France Greece Note: The estimated cumulative GDP impact from structural reforms
The Effectiveness of Unconventional Monetary Policy: Evidence from Japan
The Effectiveness of Unconventional Monetary Policy: Evidence from Japan Heather Montgomery (International Christian University) Ulrich Volz (SOAS University of London & German Development Institute) ASSA-AEA
Haruhiko Kuroda: How to overcome deflation
Haruhiko Kuroda: How to overcome deflation Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at a conference, held by the London School of Economics and Political Science, London, 21 March 2014.
LEGAL DISCLAIMER TERMS OF USE
LEGAL DISCLAIMER Hedgeye Risk Management is a registered investment advisor, registered with the State of Connecticut. Hedgeye Risk Management is not a broker dealer and does not provide investment advice
Original SSAP: SSAP No. 100; Current Authoritative Guidance: SSAP No. 100R
Statutory Issue Paper No. 157 Use of Net Asset Value STATUS Finalized November 6, 2017 Original SSAP: SSAP No. 100; Current Authoritative Guidance: SSAP No. 100R Type of Issue: Common Area SUMMARY OF ISSUE
FINANCIAL MARKETS REPORT SUPPLEMENT
FINANCIAL MARKETS REPORT SUPPLEMENT Changes Observed in Money Markets after the Conclusion of the Quantitative Easing Policy Financial Markets Department Bank of Japan September 26 The Bank of Japan released
Evolution of Unconventional Monetary Policy: Japan s Experiences
Evolution of Unconventional Monetary Policy: Japan s Experiences CIGS Conference on Macroeconomic Theory and Policy May 29, 2017 Institute for Monetary and Economic Studies Bank of Japan Shigenori SHIRATSUKA
Christopher Kent: Financial conditions and the Australian dollar - recent developments
Christopher Kent: Financial conditions and the Australian dollar - recent developments Address by Mr Christopher Kent, Assistant Governor (Financial Markets) of the Reserve Bank of Australia, to the XE
Toward the Early Achievement of fthe 2Percent Price Stability Target and Sustainable Growth of Japan's Economy
Toward the Early Achievement of fthe Percent Price Stability Target and Sustainable Growth of Japan's Economy Speech at the Keizai Doyukai (Japan Association of Corporate Executives) Members' Meeting in
Money Market Operations in Fiscal 2008
August 2009 Money Market Operations in Fiscal 20 Financial Markets Department Bank of Japan Please contact below in advance to request permission when reproducing or copying the content of this report
The total of major banks, regional banks, and shinkin banks covered in this Report is as follows (as at March 31, 2017).
APRIL 17 The total of major banks, regional banks, and shinkin banks covered in this Report is as follows (as at March 31, 17). Major banks comprise the following 1 banks: Mizuho Bank; The Bank of Tokyo-Mitsubishi