www.japantimes.co.jp Open in urlscan Pro
2606:4700:20::ac43:447d  Public Scan

Form analysis
2 forms found in the DOM

GET /search

<form class="holder-search" method="GET" action="/search" id="headerSearchForm">
  <input class="form-field" type="text" placeholder="Search" name="query" autocomplete="off" id="query" required="">
  <button class="btn-submit" type="submit"><span class="search" id="toggleSearch"><img src="/theme_japantimes/images/search_icon.svg" alt="Search"></span></button>
</form>

GET /search

<form class="holder-search" method="GET" action="/search" id="headerSearchForm">
  <input class="form-field" type="text" placeholder="Search" name="query" autocomplete="off" id="query" required="">
  <button class="btn-submit" type="submit"><span class="search" id="toggleSearch"><img src="/theme_japantimes/images/search_icon.svg" alt="Search" width="16.5" height="16.5"></span></button>
</form>

Text Content

 
 * Subscribe
   Digital Print
 * 
 * 



 

November 21, 2024


 

Subscribe

Digital Print

 * Yen
 * LDP / DPP
 * Russia-Ukraine war
 * Latest News
 * Deep Dive

Today's print edition

Home Delivery

 * JAPAN
   * Politics
   * Society
   * Crime & Legal
   * Science & Health
   * Explainer
   * History
 * WORLD
   * Politics
   * Crime & Legal
   * Science & Health
   * Society
 * ASIA PACIFIC
   * Politics
   * Crime & Legal
   * Science & Health
   * Society
 * BUSINESS
   * Companies
   * Economy
   * Markets
   * Tech
 * SPORTS
   * Sumo
   * Soccer
   * Baseball
   * Basketball
   * Tennis
   * Olympics
   * More sports
 * OPINION
   * Editorials
   * Commentary
 * Environment
   * CLIMATE CHANGE
   * Energy
   * SUSTAINABILITY
   * WILDLIFE
   * EARTH SCIENCE
 * LIFE
   * Travel
   * Digital
   * Food & Drink
   * Style & Design
   * Language
   * Lifestyle
 * CULTURE
   * Film
   * Books
   * Music
   * Art
   * TV & Streaming
   * Stage
   * Entertainment news
 * COMMUNITY
   * Voices
   * Issues
   * How-tos
   * Our Lives

 * 
 * My Account
 * My Bookmarks
 * Logout

Subscribe for more access
BUSINESS / Economy


BANK OF JAPAN BOARD MEMBER MOOTS FED-STYLE DOT-PLOT PROJECTIONS

During the Bank of Japan's September policy board meeting, some members pointed
out that the central bank needs to more carefully communicate with the public to
prevent a divergence between its views and those of investors. | JIJI
By Kazuaki Nagata
STAFF WRITER
SHARE/SAVE
Twitter Facebook LinkedIn Email Print Bookmark story
Nov 6, 2024
Listen to this article
3 min


At least one Bank of Japan board member mentioned the possibility of making the
central bank’s policy-rate outlook more transparent, according to minutes from
its September policy meeting released Wednesday.

In their first meeting since a surprise rate increase in July, which may have
been at least in part responsible for a market crash, BOJ board members
discussed how the bank speaks to the markets.





Some members pointed out that the BOJ needs to more carefully communicate with
the public to prevent a divergence between the views of the bank and investors.

One member suggested that the BOJ come up with something similar to the dot
plots released by the U.S. Federal Reserve, which show short-term rate
projections of Fed officials.

“As there is a limit to what can be communicated solely through language, it
might be an option for the bank to release the policy board members' actual
projections for the policy interest rate path,” the minutes state.

Another member argued that, while the outlook for key economic data remains
unclear, Japan’s neutral policy rate is also unclear. The neutral policy rate is
the interest rate at which monetary policy neither restricts nor stimulates the
economy.

“Even if the bank provided numerical projections of the policy interest rate,
the projections would inevitably range quite widely and would therefore unlikely
lead to effective communication,” the board member said.

After the bank unexpectedly raised its short-term policy-rate target to 0.25%
from a range of 0% to 0.1% on July 31, Japanese stocks plummeted into
bear-market territory, with the benchmark 225-issue Nikkei stock average falling
12.4% — the second-biggest point decline ever — on Aug. 5.

Japan's currency strengthened dramatically, and stocks globally became volatile.

Since then, the BOJ’s communication style has been in the spotlight, with
officials vowing to do a better job of making their thinking on rates known to
the public.

Although the July rate increase may have caused market turmoil, many BOJ board
members agreed at the September meeting that domestic economic activity and
inflation were in line with the bank’s view, saying that the July rate increase
had not negatively affected the Japanese economy, according to the minutes.

The central bank discloses the minutes of its policy meetings once they are
approved at the next meeting that follows them.

At the latest policy meeting that took place last week, the BOJ left rates
unchanged in line with market expectations, but BOJ Gov. Kazuo Ueda changed his
tone, signaling that the central bank may be ready to make an upward move on
rates at the December meeting.

Prior to last week's meeting, Ueda said the bank had “enough time” to monitor
the economic situation before it raises rates again because of market
instability in relation to some weak U.S. economic data.

But the governor said last week that the markets seem to be regaining stability
with more positive U.S. economic indicators, so the BOJ does not need to use the
language that it still has “enough time.”

Due to this change of tone, some analysts predict that the BOJ will raise rates
during its December meeting, which is scheduled for Dec. 18 and 19.


KEYWORDS

BOJ(https://www.japantimes.co.jp/tag/boj), Japanese
economy(https://www.japantimes.co.jp/tag/japanese-economy), Kazuo
Ueda(https://www.japantimes.co.jp/tag/kazuo-ueda), FEDERAL
RESERVE(https://www.japantimes.co.jp/tag/federal-reserve)
 * 
 * 
 * 

In a time of both misinformation and too much information,
quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW


MORE FROM NEWS


BOJ DIVIDED ON RATE HIKE TIMING, OCTOBER SUMMARY SHOWS

Many highlighted the need to scrutinize market developments, particularly yen
moves, in determining whether the economy can weather higher borrowing costs.


JAPAN’S ECONOMY BEATS CONSENSUS IN BOOST FOR BOJ RATE HIKE CASE




TWO OF AMERICA’S BIGGEST DEBT HOLDERS ARE DUMPING TREASURYS




YEN WEAKENS AFTER UEDA’S CAUTION ON BOJ RATE HIKE HINTS




WORSENING CORPORATE MOOD AND BANKRUPTCIES CLOUD BOJ'S RATE HIKE PATH




SUMITOMO MITSUI: THE POWER OF TRUST IS A CURIOUS THING

The Japanese financial industry got caught off guard a few years ago when
Sumitomo Mitsui Trust Holdings Inc. made a...


Sponsored
【最大半額クーポン】au PAY マーケット

はじめてご購入の方に最大半額クーポンを配布中！


Sponsored

Condition of hospitalized Japanese Princess Yuriko, 101, deteriorates


Undo



Saudi Arabia executes more than 100 foreigners in 2024


Undo



American tourist arrested over defacing of Meiji Shrine torii gate


Undo



女子中学生年代支援へ「JFA×MS&AD なでしこ“つぼみ”プロジェクト」が始動　元なでしこ選手も多数参加 | サッカーキングSOCCERKING



Undo



大統領に表彰された資産家が暴露「両替しただけ」10万→2億にした裏技が限定公開SNS



Undo



証券会社の元役員が25年かけて開発した「朝の10分投資」マネした主婦の貯金が…ライフ出版　株式会社



Undo



【最大半額クーポン】au PAY マーケット























Ad

With your current subscription plan you can comment on stories. However, before
writing your first comment, please create a display name in the Profile section
of your subscriber account page.

Your subscription plan doesn't allow commenting. To learn more see our FAQ



 * WHAT’S TRENDING
 *  
 * Editors' Picks

Ishiba delays meeting with Trump, citing legal restrictions

Two of America’s biggest debt holders are dumping Treasurys

Rising sex tourism exposes loopholes in Japan's anti-prostitution law

China may soon resume visa exemptions for Japanese nationals, reports say

Why Yamanashi gave up building a light-rail system on Mount Fuji

Haruki Murakami's 'The City and Its Uncertain Walls' gives deep deja vu

Japan, Australia and U.S. boost collective deterrence efforts amid China
concerns

Japanese expats in Asia find community through rugby

In Fukushima, a weekend of prose, poetry and translation

For Dr. Nakamats, aging is just experience in action



OUR PLANET

Japan's chipmaking rush pressures Kumamoto's special water supply
By Tomoko Otake



PODCAST

Kabukicho: Tokyo’s ‘stadium of desire’


LONGFORM

A boom for business tourism in Japan?
By Kathryn Wortley



SUSTAINABLE JAPAN

SWCC keeps changing with keyword ‘new challenges’




SPECIAL SUPPLEMENTS

Sponsored contents planned and edited by JT Media Enterprise Division.

広告出稿に関するおといあわせはこちらまで



Read more


SUPPLEMENTS BINDER

 * Bridges by SMS
 * Global Insight
 * GMI Post
 * GATE21
 * World Eye Reports


LATEST NEWS

U.S. envoy en route to Israel in bid toward ceasefire with Hezbollah
5 hours ago
Japanese publisher Kadokawa shares roar on Sony buyout report
9 hours ago
Japan's 3.31 million visitors in October set monthly record
11 hours ago
Senior JP Dragon member linked to Luffy crime group arrested
11 hours ago
Ruling coalition and DPP strike last-minute deal over economic policy
11 hours ago


SUBSCRIBE

IN YOUR SOCIAL NETWORK

Stay up to date with us on your social media platform of choice.


IN YOUR INBOX

Get updates, insights and more via our newsletters.
SIGN ME UP
 * products & services
 * Print subscriptions
 * Group subscriptions
 * Student subscription
 * JT Digital Archives
 * Epaper Edition
 * RSS feeds

 * help & support
 * Support
 * FAQs
 * Link policy
 * Republishing
 * Contact us

 * about us
 * Company info
 * Privacy policy
 * Link policy
 * Announcements
 * Work with us
 * Advertise with us
 * Press releases

 * our sites
 * The Japan Times Alpha
 * JT Bookclub
 * The Japan Times Jobs
 * Education In Japan
 * Classifieds
 * Public notices
 * Disaster information
 * Comfacts

 * our activities
 * Sustainable Japan
 * Destination Restaurants
 * Satoyama Consortium
 * ESG Consortium

SUBSCRIBE

IN YOUR SOCIAL NETWORK

Stay up to date with us on your social media platform of choice.


IN YOUR INBOX

Get updates, insights and more via our newsletters.
SIGN ME UP
THE JAPAN TIMES LTD. ALL RIGHTS RESERVED.