Lack of Term Premium Continues to Cost Japanese Banks with Limited Financial Flexibility
The Bank of Japan has just released its semiannual assessment on the financial system with an explicit focus on the negative interest rate...
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The Holy Grail of Reflation: "from Savings to Investment"
Recent large government privatisations (Japan Post and JR Kyushu) have brought with it a positive tendency, as we pointed out in The Reflationary...
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Structural Reform III: Evidence of Bad Luck over Poor Policy
Room for small hope amid bleak Japanese policy reform recordUntil now, our analysis of Japanese structural reform, centred upon raising Japanese...
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Structural Reform II: Political Economy Backdrop
One of the enduring questions regarding Japan’s “lost decades of growth” remains the degree to which failure to grow owes to insufficient...
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Structural Reform I: The Japanese Financial Sector
In Why Overcoming Deflation Is Not Enough Part III: Corporate Governance, we argued that corporate governance is pivotal to successful structural...
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