How The Bank of Japan Uses Media to Test Policies

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 20 February 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the previous part 1 video of Weston Nakamura’s series on the Bank of Japan, Weston explains how BOJ Yield Curve Control works, and discusses the implications of being the only major central bank left who claims to still provide highly accommodative monetary policy in 2022. In this part two video, Weston shares his long-running theory on "BOJ Press Tests,” conducted behind the scenes by the central bank, carried out by major financial media outlets, and intended to get a read on market sentiment before a potentially permanent, irreversible policy error is made - as the Bank of Japan currently works to clean up its most recent attempt at using a “press test” as it headed into the January Monetary Policy Meeting. He also shows an example of when a theoretically impenetrable yield curve control fails a at the upper-bound of the YCC range. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:30.2	Hey everyone, thanks for tuning in to the weekend edition of The Real Vision Daily Briefing.
0:34.9	Here's Weston Nakamura to break down everything you need to know.
0:40.9	Hey everyone, Weston Nakamura from the bank.
0:45.5	Hi everyone, Weston Nakamura from Real Vision in Tokyo and definitely not from the bank of Japan.
0:52.8	Good start. So first and foremost, I just want to sincerely thank everyone who watched
1:00.0	my video on my first video on the bank of Japan that I put out about a week ago.
1:05.4	I have received more responses from that than any other video that I put out by far.
1:11.4	And it really seems to have helped a lot of people at least understand the significant role
1:17.4	that the bank of Japan has been playing in global financial markets.
1:20.8	So in terms of that goal and mission, I'm glad that I was able to be a fell.
1:26.4	Now, that was actually not the original first bank of Japan video that I had made.
1:33.6	What you're about to see is the first bank of Japan video that I made originally.
1:38.0	And that was recorded on the January monetary policy meeting day.
1:43.6	And the reason I made that video is because BoJ tried to pull a little trick.
1:48.8	And so that's what this video that you're about to see is.
	...

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