News On Japan

Japan drifts back to money printing to battle pandemic

Jun 13 (Japan Today) - As central banks dive into the uncharted waters of yield curve control, Japan, the pioneer of the unorthodox policy, is struggling to stay focused on its own yield targets as it looks instead to money printing to help firms hit by the coronavirus.

The Bank of Japan is expected to hold off expanding stimulus at its policy meeting next week and make no major changes to a set of tools rolled out in recent months to cushion the economic blow from the health crisis.

But BOJ Governor Haruhiko Kuroda is likely to stress the bank’s resolve to keep flooding markets with cash to help companies stay afloat and forgo job cuts.

“The BOJ’s near-term focus will remain on keeping markets stable and easing corporate funding strains,” said a source familiar with its thinking, a view echoed by two more sources.

“Interest rate cuts remain in the BOJ’s tool-kit. But it’s probably not the most likely option now,” the source said.

While warning of risks over the outlook, the BOJ is likely to maintain its view the economy will gradually recover from the damage wrought by the pandemic.

The BOJ became the first central bank to introduce yield curve control (YCC) in 2016, pledging to guide short-term rates at -0.1% and long-term borrowing costs around zero.

Back then, the policy was seen by other central banks as a sign of Japan’s desperation to revive growth through extreme measures.

Now, yield targeting has adopted broader appeal as the pandemic forced many central banks globally to cut rates to near zero.

News On Japan
POPULAR NEWS

Typhoon No. 24 is currently located over the southern seas and is expected to track westward toward Vietnam later this week, with no direct impact anticipated on Japan. As of now, the storm’s central pressure is 1000 hectopascals, with maximum sustained winds reaching 20 meters per second. Satellite imagery shows a significant cloud mass developing in the southern region, indicating intensified activity around the system.

Tokyo’s seas and rivers, once considered lawless backwaters beyond the reach of regular policing, are now under constant watch by a dedicated force known as the “water police,” specialists who patrol the capital’s waterways, chase down smugglers, stop reckless jet ski riders, and carry out dramatic rescue missions to save lives.

Kyoto’s world-famous Arashiyama district, a popular destination for both domestic and international tourists, is facing a growing problem of graffiti etched into the bamboo along its iconic “Bamboo Grove Path,” with more than 350 stalks now damaged — a practice that experts warn could eventually cause bamboo to weaken, fall, and even injure visitors.

Japan’s streaming industry is under growing pressure as foreign giants tighten their grip on the domestic market, with Netflix’s latest move to secure exclusive broadcast rights in Japan for every game of the World Baseball Classic next March highlighting the widening gap.

Investigators from the Immigration Services Agency conducted on-site inspections in Osaka on October 14th amid a surge in so-called 'paper companies' created by foreign nationals seeking residency.

MEDIA CHANNELS
         

MORE Society NEWS

A violent attack early on October 20th in Ibaraki Town, Ibaraki Prefecture left one man dead and another injured after they were stabbed with what appeared to be a bladed weapon inside an apartment. Police are investigating the case as a murder.

A woman in her 40s suffered a serious injury after being trapped in a mechanical parking system in Tokyo’s Shinagawa Ward on October 19th.

A former pet shop owner convicted of repeatedly sexually assaulting several female employees and sentenced to 30 years in prison appealed his case at the Fukuoka High Court on October 14th, again claiming that the acts were consensual.

The relocation of Arimasu Tobiru, a distinctive architectural landmark on Hijirizaka in Tokyo’s Minato Ward, was carried out between August and October after nearly two decades of construction.

A Brazilian man has been arrested and indicted for smuggling cocaine into Japan by swallowing the drugs and concealing them inside his body.

Prosecutors have demanded the death penalty for a man accused of killing three family members and seriously injuring another with a crossbow in 2020 in Takarazuka, Hyogo Prefecture.

A police officer approaches a parked car in a dark city parking lot — and what emerges from inside is shocking. How do professionals detect crimes that hide in the night? This investigation looks into the work of officers on the front line.

A woman who had been in critical condition after being struck by a small car near JR Nagoya Station was confirmed dead on October 15th, according to Aichi Prefectural Police. The 49-year-old victim was among three pedestrians hit at an intersection in Nakamura Ward when the vehicle veered out of its lane.