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BoJ: Overall stability has been maintained in Japan's financial system
Japan’s financial system has remained broadly stable, according to the Bank of Japan’s (BoJ) half-yearly Financial System Report, published on Friday.
BoJ Financial System Report Finds Broad Stability
Broad stability has been maintained across Japan’s financial system.
Current financial activity has shown no significant financial imbalances.
The effects of factors including the situation in the Middle East, AI-related investment and developments in the non-bank sector require continued close monitoring.
Movements in asset prices, including property and share prices, still require close scrutiny.
The potential for increased concentration in private funds’ portfolios merits attention.
Rising raw material and energy costs appear to be weighing on profits, especially among SMEs.
Some firms are comparatively vulnerable to increases in crude oil prices.
USD/JPY Edges Lower
USD/JPY stands at 156.94 at the time of writing, a decline of 0.01% on the day.
Bank of Japan: Frequently Asked Questions
As Japan’s central bank, the Bank of Japan (BoJ) determines the country’s monetary policy. Its remit covers issuing banknotes and exercising currency and monetary control to maintain price stability, with an inflation target of around 2%.
Against a backdrop of low inflation, the Bank of Japan adopted an ultra-loose monetary policy in 2013 to support economic activity and lift inflation. Underpinning this policy is Quantitative and Qualitative Easing (QQE): printing banknotes to purchase assets, including government and corporate bonds, and thereby supply liquidity. The bank reinforced this approach in 2016, easing policy further by introducing negative interest rates before moving to direct control of the yield on its 10-year government bonds. A rise in interest rates in March 2024 marked the BoJ’s effective retreat from its ultra-loose monetary stance.
The Yen weakened against its major currency peers as a result of the Bank’s extensive stimulus. In 2022 and 2023, that depreciation intensified as policy at the Bank of Japan increasingly diverged from that of other major central banks. Those banks raised interest rates sharply to tackle inflation at levels not seen for decades. By widening interest rate differentials with other currencies, the BoJ’s stance put downward pressure on the Yen. A partial reversal followed in 2024, when the BoJ chose to move away from its ultra-loose policy stance.
Japanese inflation rose above the BoJ’s 2% target as a weaker Yen combined with a surge in global energy prices. Expectations of higher domestic wages, a key driver of inflation, also helped prompt the policy shift.
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