Work detail

Monetary Policy in Japan, the Bank of Japan and Role of the Yen

Author: Mgr. Jiří Jaroš
Year: 1997 - summer
Leaders: † prof. Ing. Luděk Urban CSc., Jean Monnet Professor
Work type: Economic Policy
Language: English
Pages: 100
Awards and prizes: M.A. with distinction from the Dean of the Faculty of Social Sciences for an extraordinarily good masters diploma thesis
Abstract: The author discusses the role and long term changes in the monetary policy of the Japanese central bank. He describes the shift of bank's focus from the traditional money landing to financial institutions to the concentration in the direction to monetary aggregates after the first oil crisis in 1973. He has shown successes of this policy in terms of lowering of money supply fluctuations and higher credibility for the Japanese public. The author also depicts the money supply control by the Japanese central bank in the form of key interest rates as operational parameters and deflection from monetary base monitoring with the theoretically stable multiplier effect. The very specific and special relationship between the bank and the Japanese ministry of finance is also one of key topics of the paper. At the end, the latest developments in the foreign trade imbalance between Japan and the USA are discussed. The increasing role of the yen and its internationalization are also mentioned.


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