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Washington Post (June 8)

2022/ 06/ 08 by jd in Global News

“Fumio Kishida, the current Japanese leader, last week launched what he called the “Grand Design” for his “New Form of Capitalism.” It is neither simple or direct. “Watered down, muddled and both confusing and a bit confused, Kishida’s flagship economic policy could learn a lot from the Three Arrows,” which effectively simplified “a complex recipe of monetary, fiscal and supply-side solutions.”

 

The Economist (September 22)

2018/ 09/ 23 by jd in Global News

“Mr Abe may be burning to give Japan a more normal foreign policy, but what it needs most is a more normal economy. His signature policy—Abenomics—is far from complete. The fiscal and monetary expansion, his first two “arrows”, were supposed to buy time for the third and most important one: sweeping structural reforms, leading to enduring growth. The economy should take precedence over constitutional reform… Otherwise, Mr Abe will be remembered less for his long tenure than for wasting it.”

 

Financial Times (May 2)

2016/ 05/ 05 by jd in Global News

More needs to be done on fiscal and monetary co-operation. “The past few weeks have highlighted the limits of monetary policy expansion. The current framework combining quantitative easing and negative interest rates is offering rapidly diminishing returns because it is not producing the large, permanent increase in the money in circulation that would be required to turn inflation expectations around and lift the world economy out of deflationary deadlock.”

 

Bloomberg (April 26)

2016/ 04/ 27 by jd in Global News

“With the BoJ dabbling in negative interest rates, JGB yields have gotten compressed to a maximum of 0.4 percent, and that’s at a maturity of 40 years. It’s as though Japanese financial institutions are sitting on a tightly wound spring. Even a small increase in the yield — a little uncoiling — could send the whole edifice flying, a risk Janus Capital’s Bill Gross cites as an example of ‘global monetary lunacy.’”

 

Wall Street Journal (December 16)

2015/ 12/ 18 by jd in Global News

“Financial markets took the Federal Reserve’s interest-rate ‘liftoff’ from near-zero in stride on Wednesday, broadly celebrating the 25 basis point increase in the federal-funds rate.” Given the late timing of the rise, however, this is very much unchartered territory. “The truth is that few people in financial markets are confident that anyone knows how this gradual return to monetary normalcy will turn out.”

 

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