Money & Credit: Bank of Japan November 19, 18 Dr. Edward Yardeni 516-97-7683 eyardeni@ Debbie Johnson 8-66-1333 djohnson@ Mali Quintana 8-66-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Money & Credit 1- November 19, 18 / Money & Credit:^Bank of Japan www.
Money & Credit 1 Figure 1. JAPAN: INTEREST RATES (percent, weekly) 1 8 6 1-Year Government Bond Yield (.9) Call Rate: Uncollateralized Overnight (-.7) 8 6 11/3 89 9 91 9 93 9 95 96 97 98 99 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19 Z = Zero Interest Rate Policy. Note: Blue shade is Quantitative Easing Policy. Source: Bank of Japan. 5 Figure. NIKKEI & YEN (stock index in local currency) Nikkei Yen/US Dollar (inverted scale) 11/19 7 8 9 1 15 11/16 11 1 13 1 1 15 5 96 97 98 99 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19 Source: Haver Analytics. 16 Page 1 / November 19, 18 / Money & Credit:^Bank of Japan www.
Money & Credit Figure 3. JAPAN: BANK RESERVE BALANCES AT BOJ (trillion yen, reserve adjusted) Z A QQE QQEE NIRP Oct 3 3 YC 1 1 89 9 91 9 93 9 95 96 97 98 99 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19 Note: Z = Zero Interest Rate Policy. A = Markets start to anticipate Abenomics. QQE is Quantitative and Qualitative Easing. QQEE is the expanded and extended version of QQE. NIRP = Negative interest rate policy. YC = Yield curve targeting. Source: Bank of Japan. 5 Figure. JAPAN: CONSUMER PRICE INDEX (yearly percent change) 5 3 CPI Headline (1.) Core* (.1) BOJ s Inflation Target 3 1 1-1 -1-3 98 99 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19-3 * Excluding energy, food, alcohol. Source: Ministry of Internal Affairs and Communications. Page / November 19, 18 / Money & Credit:^Bank of Japan www.
1 115 Figure 5. JAPAN: INDUSTRIAL PRODUCTION (1=1) Money & Credit 1 115 11 11 15 15 1 1 95 95 9 9 85 85 8 8 75 7 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19 Source: Ministry of Economy, Trade & Industry. 75 7 6 8 Figure 6. JAPAN: YEN/US$ (inverted scale) Z Yen (11.81) A QQE QQEE NIRP 6 8 YC 1 1 11/16 1 1 1 1 16 95 96 97 98 99 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19 -day moving average Note: Z = Zero Interest Rate Policy. A = Markets start to anticipate Abenomics. QQE is Quantitative and Qualitative Easing. QQEE is the expanded and extended version of QQE. NIRP = Negative interest rate policy. YC = Yield curve targeting. Source: Haver Analytics. 16 Page 3 / November 19, 18 / Money & Credit:^Bank of Japan www.
Money & Credit 1 1 Figure 7. JAPAN: INTERNATIONAL RESERVES (billion dollars, nsa) 1 1 1 Nongold Reserves (IMF) Holdings of US Treasury Securities* 1 8 8 6 6 95 96 97 98 99 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19 * Includes held by private and official accounts. Source: US Department of the Treasury, Office of International Affairs and International Monetary Fund. 35 Figure 8. JAPAN: INTERNATIONAL RESERVES (billion dollars, yearly change) 35 3 3 5 15 Nongold Reserves (IMF) Holdings of US Treasury Securities* 5 15 1 1 5 5-5 -5-1 -15 95 96 97 98 99 1 3 5 6 7 8 9 1 11 1 13 1 15 16 17 18 19-1 -15 * Includes held by private and official accounts. Source: US Department of the Treasury, Office of International Affairs and International Monetary Fund. Page / November 19, 18 / Money & Credit:^Bank of Japan www.
Copyright (c) 18. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on www., blog., http://blog. and YRI s Apps for ipads and iphones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any product, service, report, email or website are proprietary to and constitute valuable intellectual property. No material from any part of www., blog., http://blog. and YRI s Apps for ipads and iphones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. accepts no liability for any damage caused by any virus transmitted by this company s emails, website, blog and Apps. Additional information available on request. requests@