Shirai, Sayuri
Author
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Central banks are facing a range of growing challenges that have arisen from recent trends in aging populations, low productivity, and new technology and innovation.
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Given technology's rapid progress, it is possible that central banks may increase their interest in digital currency proposals based on distributed ledger technology.
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Cash demand tends to grow with a decline in the policy rates and with an advancement of aging.
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Digital coins have attracted considerable attention globally because of their potential to serve as a new type of payment tool.
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Unconventional monetary easing by the Bank of Japan (BOJ) since 2013 has contributed to the yen’s depreciation, higher stock prices, and higher corporate profits.
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The Bank of Japan’s purchase of exchange-traded funds under monetary easing policy is unprecedented in scale and duration among major central banks.
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In April 2013 the Bank of Japan launched an unprecedented quantitative and qualitative monetary easing policy. It was thought that a 2% price stability target could be achieved within 2 years; 4 years on and we are still mission incomplete.
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Asia and the Pacific region faced an outflow of portfolio investment during the start of the global financial crisis and a new wave of cross-border portfolio inflows after the cris.
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Tokyo could become a regional financial center, but it faces challenges as Japan’s cross-border transactions are mainly with developed economies such as the US and Europe.
Editor
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The development of financial technology has already radically altered the landscape of the financial system in Asia and promises to have an even greater impact in coming years.