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by Nomi Prins


  148. William Mallard, “After Fall, Japan Yen in Sweet Spot for Economy, but US Watching,” Reuters, January 26, 2014, www.reuters.com/article/us-japan-yen-idUSBREA0P0MX20140126.

  149. Jacob J. Lew and John C. Bussey, transcript of Economic Policy After the Omnibus event, Council on Foreign Relations, January 16, 2014, www.cfr.org/economics/economic-policy-after-omnibus/p35574.

  150. “Japan Reports Record Annual Trade Deficit,” BBC News, January 27, 2014, www.bbc.com/news/business-25908413.

  151. “Minutes of the Monetary Policy Meeting on February 17 and 18, 2014,” Bank of Japan, March 14, 2014, www.boj.or.jp/en/mopo/mpmsche_minu/minu_2014/g140218.pdf.

  152. “Japan Reports Record Annual Trade Deficit.”

  153. Ibid.

  154. Japan Times, www.japantimes.co.jp/news/2014/04/12/business/g-20-lauds-abenomics-tax-hike-but-not-reforms-aso/#.V5oi_vkrLIV. The article is no longer available on the Japan Times system.

  155. Li Anne Wong and Susan Li, “Kuroda: Impact of Japan Tax Hike Will Be Contained,” CNBC, May 4, 2014, www.cnbc.com/2014/05/04/kuroda-impact-of-japan-tax-hike-will-be-contained.html.

  156. Toru Fujioka and Masahiro Hidaka, “BOJ Refrains from Extra Ease as It Predicts Faster Inflation,” Bloomberg, April 30, 2014, www.bloomberg.com/news/articles/2014-04-30/boj-sticks-with-record-easing-as-kuroda-gauges-sales-tax-effect.

  157. Patrick Graham, “Yen Rally Slackens Off, All Eyes on ECB Meeting,” Reuters, May 29, 2014, www.reuters.com/article/us-markets-forex-idUSKBN0EA08320140530.

  158. Toru Takahashi, “BRICS Bank Can Contribute to Global Growth: BOJ’s Kuroda,” Nikkei Asian Review, July 25, 2014, https://asia.nikkei.com/Politics-Economy/Economy/BRICS-bank-can-contribute-to-global-growth-BOJ-s-Kuroda.

  159. “Minutes of the Monetary Policy Meeting on July 14 and 15, 2014,” Bank of Japan, August 13, 2014, www.boj.or.jp/en/mopo/mpmsche_minu/minu_2014/g140715.pdf.

  160. Leika Kihara and Tetsushi Kajimoto, “Japan PM, Finance Minister Unalarmed by Weak Yen for Now,” Reuters, October 6, 2014, www.reuters.com/article/us-japan-economy-abe-idUSKCN0HV0DM20141006.

  161. Lew and Bussey, transcript of Economic Policy After the Omnibus event.

  162. Michael Flaherty and Jonathan Spicer, “US Fed Frets over Strong Dollar, Global Woes: Minutes,” Reuters, October 8, 2014, www.reuters.com/article/us-usa-fed-idUSKCN0HX20M20141008.

  163. Jacob J. Lew, “A Conversation with US Treasury Secretary Jacob J. Lew,” Peterson Institute for International Economics, Washington, DC, October 7, 2014, https://piie.com/sites/default/files/publications/papers/transcript-20141007.pdf.

  164. “US Treasury’s Lew Unfazed by Dollar’s Recent Appreciation,” Reuters, October 7, 2014, www.reuters.com/article/us-usa-economy-currency-idUSKCN0HW1AU20141007.

  165. Louise Lucas, “Yen Tensions Emerge between Shinzo Abe and Haruhiko Kuroda,” Financial Times, October 9, 2014.

  166. Heidi Moore, “The Fed Has Quietly Ended Its Stimulus. Now the Hard Work Really Begins,” Guardian (Manchester), October 29, 2014, www.theguardian.com/business/2014/oct/29/fed-quietly-ends-stimulus-hard-work.

  167. Kimberly Amadeo, “What Is Quantitative Easing? Definition and Explanation,” Balance, June 15, 2017, www.thebalance.com/what-is-quantitative-easing-definition-and-explanation-3305881.

  168. Angela Monaghan and Graeme Wearden, “Bank of Japan to Inject 80 Trillion Yen into Its Economy,” Guardian (Manchester), October 31, 2014, www.theguardian.com/business/2014/oct/31/bank-of-japan-80-trillion-yen-economy.

  169. Toru Fujioka and Masahiro Hidaka, “Kuroda Surprises with Stimulus Boost as Japan Struggles,” Bloomberg, October 31, 2014, www.bloomberg.com/news/articles/2014-10-31/boj-unexpectedly-boosts-easing-amid-weak-price-gains.

  170. “Kuroda Remarks Open Possibilities for Shift in BOJ Stimulus,” Business Times (Singapore), January 26, 2015, www.businesstimes.com.sg/government-economy/kuroda-remarks-open-possibilities-for-shift-in-boj-stimulus.

  171. “BOJ Governor Kuroda Speaks in Bloomberg Interview (Transcript),” Bloomberg, January 23, 2015, www.bloomberg.com/news/articles/2015-01-23/boj-governor-kuroda-speaks-in-bloomberg-interview-transcript-.

  172. Toru Fujioka, “Kuroda Signals Confidence on Easing with No G-20 Backlash on Yen,” Bloomberg, February 10, 2015, www.bloomberg.com/news/articles/2015-02-10/kuroda-signals-confidence-on-easing-with-no-g-20-backlash-on-yen.

  173. Shinzo Abe, “Policy Speech by Prime Minister Shinzo Abe to the 189th Session of the Diet,” Prime Minister of Japan and His Cabinet, Thursday, February 12, 2015, http://japan.kantei.go.jp/97_abe/statement/201502/policy.html.

  174. “Japan Minimum Hourly Wagers: 2010–2017” (chart), Trading Economics, https://tradingeconomics.com/japan/minimum-wages.

  175. “Japan Part Time Employment: 1990–2017” (chart), Trading Economics, https://tradingeconomics.com/japan/part-time-employment.

  176. “Japan Total Cash Earnings Growth: 1972–2017” (chart), Trading Economics, https://tradingeconomics.com/japan/wage-growth.

  177. Takashi Nakamichi and Tatsuo Ito, “BOJ’s Kuroda Signals Desire for Stable Yen,” Wall Street Journal, February 18, 2015, www.wsj.com/articles/bank-of-japan-stands-pat-on-policy-1424229828.

  178. “Central Bank Governor Rules Out New Stimulus,” Wall Street Journal, February 18, 2015, www.wsj.com/articles/world-watch-news-digest-1424310082.

  179. Kazunori Takada and Leika Kihara, “Exclusive: China Takes Lessons from Japan, Past Master on Slowdown, Deflation,” Reuters, March 7, 2015, www.reuters.com/article/us-china-japan-economy-idUSKBN0M401U20150308.

  180. “Japan’s Regional Banks Feel Impact of BoJ Stimulus,” Financial Times, April 11, 2015, www.ft.com/content/6c036d62-e0c2-11e4-9f72-00144feab7de.

  181. Toru Fujioka, “Yen’s Drop Is Approaching Its Limit, Says Abe Adviser Hamada,” Bloomberg, April 13, 2015, www.bloomberg.com/news/articles/2015-04-14/yen-s-decline-is-approaching-its-limit-says-abe-adviser-hamada.

  182. Haruhiko Kuroda, “Two Years under QQE” (speech, Yomiuri International Economic Society meeting, Bank of Japan, Tokyo, May 15, 2015), www.boj.or.jp/en/announcements/press/koen_2015/data/ko150515a1.pdf.

  183. “The Great Fall of China,” Economist, August 29, 2015, www.economist.com/news/leaders/21662544-fear-about-chinas-economy-can-be-overdone-investors-are-right-be-nervous-great-fall.

  184. Phillip Inman, “China Ends Three Days of Yuan Devaluation,” Guardian (Manchester), August 14, 2015, https://www.theguardian.com/business/2015/aug/14/china-halts-yuan-devaluation-with-slight-official-rise-against-us-dollar.

  185. Toru Fujioka and Masahiro Hidaka, “Bank of Japan Meets After Kuroda Moves Yen: Decision-Day Guide,” Bloomberg, June 18, 2015, www.bloomberg.com/news/articles/2015-06-18/bank-of-japan-meets-after-kuroda-moves-yen-decision-day-guide.

  186. Chao Deng, “Japan’s Nikkei Hits Highest Level in More Than 18 Years,” Wall Street Journal, June 24, 2015, www.wsj.com/articles/japans-nikkei-hits-more-than-18-year-high-1435112079.

  187. Keiko Ujikane and Joji Mochida, “Abe Offers Kuroda Understanding as Markets Undercut Price Goal,” Bloomberg, August 24, 2015, www.bloomberg.com/news/articles/2015-08-24/abe-offers-understanding-to-boj-in-its-struggle-for-inflation.

  188. “BoJ Holds Course Despite Deepening Gloom,” Financial Times, October 30, 2015, http://www.usagold.com/cpmforum/2015/10/30/boj-holds-course-despite-deepening-gloom/.

  189. Haruhiko Kuroda, “Crude Oil Prices and Price Stability” (speech at Japan’s National Press Club, Bank of Japan, Tokyo, February 27, 2015), www.boj.or.jp/en/announcements/press/koen_2015/data/ko150227a1.pdf.

  190. “Southeast Asia Set to Launch Economic Community,” SunStar Network, November 21, 2015, http://www.sunstar.com.ph/network/local-news/2015/11/21/southeast-asia-set-launch-economic-community-442716.

  191. Ibid.

  192. “Federal Reserve Issues FOMC Statement” (press release), Board of Governors of the Federal Reserve System, December 16, 2015, www.federalreserve.gov/newsevents/press/monetary/20151216a.htm.

 
193. “Bank of Japan Balance Sheet: 2005–2017,” Japan Macro Advisors, accessed September 14, 2017, www.japanmacroadvisors.com/page/category/bank-of-japan/boj-balance-sheet/.

  194. “Central Bank Assets for Euro Area (11–19 Countries): 1998–2017,” FRED Economic Data, accessed September 14, 2017, https://fred.stlouisfed.org/series/ECBASSETS.

  195. “Key Points of Today’s Policy Decisions,” Bank of Japan, January 29, 2016, www.boj.or.jp/en/announcements/release_2016/k160129b.pdf.

  196. Ibid.

  197. Ibid.

  198. Netty Idayu Ismail and Candice Zachariahs, “Yen’s Drop Lags Previous Shocks as Kuroda’s Firepower Stutters,” Bloomberg, January 29, 2016, www.bloomberg.com/news/articles/2016-01-29/yen-s-drop-lags-previous-shocks-as-kuroda-s-firepower-stutters.

  199. David Lawder and Jason Lange, “G20 Worried by ‘Modest’ Global Growth, Commo dities Weakness,” Reuters, April 14, 2016, www.reuters.com/article/us-imf-g-idUSKCN0XB2O3.

  200. “Communiqué: G20 Finance Ministers and Central Bank Governors Meeting,” International Monetary Fund, April 15, 2016, www.imf.org/external/np/cm/2016/041616.htm; Takashi Nakamichi, “BOJ Worried About Possible ‘Brexit’ Hit to Yen,” MarketWatch, April 20, 2016, www.marketwatch.com/story/boj-worried-about-possible-brexit-hit-to-yen-2016-04-20#:gQ1nKcwUL7E43A.

  201. “Big Week for BoJ as Surging Yen Piles on Easing Pressure,” Financial Times, April 25, 2016.

  202. Haruhiko Kuroda, “The Battle against Deflation: The Evolution of Monetary Policy and Japan’s Experience” (speech, Columbia University, New York, April 13, 2016), www.boj.or.jp/en/announcements/press/koen_2016/ko160414a.htm/.

  203. “Decisions Regarding Monetary Policy Implementation” (press release), Board of Governors of the Federal Reserve System, April 27, 2016, www.federalreserve.gov/monetarypolicy/files/monetary20160427a1.pdf.

  204. Takashi Nakamichi and Megumi Fujikawa, “Bank of Japan Keeps Policy Unchanged; Yen Rises,” Wall Street Journal, April 28, 2016, www.wsj.com/articles/bank-of-japan-keeps-policy-unchanged-1461813743#:cFLO8Ezc5QaaUA.

  205. Ibid.

  206. “What Is Monetary Policy and How Is It Carried Out in Japan?” Bank of Japan, accessed September 15, 2017, www.boj.or.jp/en/announcements/education/oshiete/seisaku/b26.htm/.

  207. Richard Leong, “Yen Rises to 18-Month High on Intervention Doubts,” Reuters, May 2, 2016, www.reuters.com/article/us-global-forex-idUSKCN0XU01B.

  208. Emily Flitter and Steve Holland, “Trump Preparing Plan to Dismantle Obama’s Wall Street Reform Law,” Reuters, May 17, 2016, www.reuters.com/article/us-usa-election-trump-banks-idUSKCN0Y900J.

  209. Steve Holland and Emily Flitter, “Exclusive: Trump Would Talk to North Korea’s Kim, Wants to Renegotiate Climate Accord,” Reuters, May 17, 2016, www.reuters.com/article/us-usa-election-trump-exclusive-idUSKCN0Y82JO.

  210. “Japan Hopes to Steer ‘Frank’ G7 Debate on Economy, Tax Evasion: Aso,” Reuters, May 19, 2016, http://www.reuters.com/article/us-g7-japan-aso/japan-hopes-to-steer-frank-g7-debate-on-economy-tax-evasion-aso-idUSKCN0YA0UN.

  211. “Brexit ‘Serious Risk to Growth’ Says G7,” BBC News, May 27, 2016, www.bbc.com/news/business-36394905.

  212. Toru Fujioka, Masahiro Hidaka, and Shingo Kawamoto, “Kuroda Faces Unhappy Banks as BOJ’s Policy Decision Looms,” Bloomberg, June 14, 2016, updated June 15, 2016, www.bloomberg.com/news/articles/2016-06-14/add-banks-to-list-of-kuroda-s-headaches-as-boj-decides-policy.

  213. Leika Kihara, “BOJ Makes Contingency Plans for Brexit, Sees Dollar Squeeze, Yen Spike as Risks,” Reuters, June 15, 2016, www.reuters.com/article/us-britain-eu-boj-idUSKCN0Z11BB.

  214. “Federal Reserve Issues FOMC Statement” (press release), Board of Governors of the Federal Reserve System, June 15, 2016, www.federalreserve.gov/newsevents/press/monetary/20160615a.htm.

  215. Toru Fujioka, “BOJ Keeps Policy Unchanged Even as Kuroda Warns on Yen,” Bloomberg, June 15, 2016, www.bloomberg.com/news/articles/2016-06-16/boj-keeps-policy-unchanged-shifting-stimulus-focus-to-july.

  216. “Federal Reserve Is Carefully Monitoring Developments in Global Financial Markets” (press release), Board of Governors of the Federal Reserve System, June 24, 2016, www.federalreserve.gov/newsevents/press/monetary/20160624a.htm.

  217. Reuters, “Japan PM Abe Tells FinMin Taro Aso to Take Necessary Steps to Calm Yen,” CNBC, June 26, 2016, www.cnbc.com/2016/06/26/japan-pm-abe-says-he-has-told-finmin-taro-aso-to-take-steps-to-calm-yen-if-needed.html.

  218. “China’s Yuan Weakens to Five-and-Half Year Low as Central Bank Tolerates Depreciation,” Reuters, June 27, 2016, www.reuters.com/article/us-china-yuan-idUSKCN0ZD0FM.

  219. Dion Rabouin, “Dollar Drops versus Yen as BOJ’s Kuroda Plays Down ‘Helicopter Money,’” Reuters, July 20, 2016, www.reuters.com/article/us-global-forex-idUSKCN10101T.

  220. Pete Sweeney and Tetsushi Kajimoto, “G20’s Deference for China’s Economic Policies Irks Japan,” Reuters, July 26, 2016, www.reuters.com/article/us-g20-china-diplomacy-idUSKCN1051DQ.

  221. Nao Sano and Hiroyuki Sekine, “Japan Stocks Rise After BOJ Decision Sends Markets on Wild Ride,” Bloomberg, July 28, 2016, www.bloomberg.com/news/articles/2016-07-29/japan-stocks-fluctuate-as-yen-climbs-before-boj-policy-decision.

  222. “Japanese Central Banker, Finance Chief Put Up Tenuous Front,” Nikkei Asian Review, August 3, 2016, http://asia.nikkei.com/Politics-Economy/Policy-Politics/Japanese-central-banker-finance-chief-put-up-tenuous-front.

  223. Sean Alfano, “Nikkei Plunges to Lowest Close in a Year,” CBS News, August 17, 2007, www.cbsnews.com/news/nikkei-plunges-to-lowest-close-in-a-year/.

  224. Leika Kihara, “Japan Sinking Deeper into De-Facto Helicopter Money,” Reuters, August 19, 2016, www.reuters.com/article/us-japan-economy-boj-helicopter-analysis-idUSKCN10U0DS.

  225. “That Sinking Feeling,” Economist, May 26, 2016, www.economist.com/news/finance-and-economics/21699469-volatile-stockmarkets-spell-pressure-gpif-and-its-new-leadership.

  226. Kihara, “Japan Sinking Deeper into De-Facto Helicopter Money.”

  227. Angela Monaghan and Katie Allen, “Jackson Hole: Yellen Leaves Door Open to Rate Rise Before Year-End—As It Happened,” Guardian (Manchester), August 26, 2016, www.theguardian.com/business/live/2016/aug/26/all-eyes-on-yellen-as-jackson-hole-kicks-off-business-live.

  228. Haruhiko Kuroda, “Re-anchoring Inflation Expectations via ‘Quantitative and Qualitative Monetary Easing with a Negative Interest Rate’” (remarks at Economic Policy Symposium, Federal Reserve Bank of Kansas City, Jackson Hole, WY, August 27, 2016), www.kansascityfed.org/~/media/files/publicat/sympos/2016/econsymposium-kuroda-remarks.pdf?la=en.

  229. Ibid.

  230. “Minutes of the Federal Open Market Committee, July 26–27, 2016,” Board of Governors of the Federal Reserve System, www.federalreserve.gov/monetarypolicy/fomcminutes20160727.htm.

  231. Leika Kihara and Stanley White, “BOJ Overhauls Policy Focus, Sets Target for Government Bond Yields,” Reuters, September 21, 2016, www.reuters.com/article/us-japan-economy-boj-idUSKCN11R0BU.

  232. William Watts, “Here’s Why the Bank of Japan Is Putting Its Focus on the Yield Curve,” CNBC News, September 21, 2016, www.marketwatch.com/story/heres-why-the-bank-of-japan-is-putting-its-focus-on-the-yield-curve-2016-09-21.

  233. Shinzo Abe, opening remarks by Prime Minister Shinzo Abe (at Dialogue with the New York–based Business and Financial Community of Japan, Prime Minister of Japan and His Cabinet, September 21, 2016), http://japan.kantei.go.jp/97_abe/statement/201609/1219240_11015.html.

  234. Tetsushi Kajimoto and Stanley White, “Japan Must Not Rely Solely on Bank of Japan to Revive Economy: Finance Minister,” Reuters, September 22, 2016, www.reuters.com/article/us-japan-economy-aso-idUSKCN11T05R.

  235. Ibid.

  236. Sam Forgione, “Dollar Falls on Comments from BOJ’s Kuroda, US Debate Uncertainty,” Reuters, September 25, 2016, www.reuters.com/article/us-global-forex-idUSKCN11W01F.

  237. “Corporate Japan Tries to Defl
ect Pressure on Wage Hikes,” Nikkei Asian Review, October 6, 2016, http://asia.nikkei.com/Politics-Economy/Policy-Politics/Corporate-Japan-tries-to-deflect-pressure-on-wage-hikes.

  238. “Comex Vis: Países Parceiros: Exportações, Importações e Balança Comercial—Parceiro: Japão,” Brasil Governo Federal, accessed October 11, 2017, www.mdic.gov.br/comercio-exterior/estatisticas-de-comercio-exterior/comex-vis/frame-país?país=jpn.

  239. Agência Brasil, “Brazil Seeks to Strengthen Trade Agreements in Japan,” BrazilGovNews, October 4, 2016, updated October 5, 2016, www.brazilgovnews.gov.br/news/2016/10/brazil-seeks-to-strengthen-trade-agreements-in-japan.

  240. “Memorando de Cooperação entre a República Federativa do Brasil e o Japão Para a Promoção de Investimentos e Cooperação econômica no setor de Infraestrutura,” October 19, 2016, https://aplicacao.itamaraty.gov.br/ApiConcordia/Documento/download/16023.

  241. Yun Sun, “Rising Sino-Japanese Competition in Africa,” Brookings Institution, August 31, 2016, www.brookings.edu/blog/africa-in-focus/2016/08/31/rising-sino-japanese-competition-in-africa/.

  242. Yoshiaki Nohara, “BOJ’s Kuroda Says No Immediate Need to Reduce Asset Purchases,” Bloomberg, October 21, 2016, www.bloomberg.com/news/articles/2016-10-21/boj-s-kuroda-says-no-immediate-need-to-reduce-asset-purchases.

  243. Kevin Buckland and Shigeki Nozawa, “BOJ Fires Warning at Bond Market with Unlimited Buying Plan,” Bloomberg, November 16, 2016, updated November 17, 2016, www.bloomberg.com/news/articles/2016-11-16/yields-above-zero-dare-kuroda-to-unleash-unlimited-bond-buying.

  244. “Major Foreign Holders of Treasury Securities, 2016–2017” (table), Treasury International Capital (TIC) System, US Department of the Treasury, accessed September 15, 2017, http://ticdata.treasury.gov/Publish/mfh.txt.

  245. Shinzo Abe, meeting with the president-elect of the United States, Prime Minister of Japan and His Cabinet, November 17, 2016, http://japan.kantei.go.jp/97_abe/actions/201611/17article2.html.

  246. Mo Jingxi, “Xi, Trump Discuss China-US Cooperation,” China Daily, November 15, 2016, http://usa.chinadaily.com.cn/epaper/2016-11/15/content_27397411.htm.

 

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