Finance, Banking, and Regulation

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TOE Alert -- Banks, FSA Push Back Against Negative Rates

The Bank of Japan’s (BOJ) failed negative interest rate policy (NIRP) is provoking increased opposition among the big banks and the Financial Services Agency (FSA), the ministry which protects them

TOE Alert: Financial Market Mayhem

Key points for Richard Katz's TOE Alert include: - Stock prices fell 5% on Tuesday and another 2.4% Wednesday morning to the lowest level since Kuroda’s “monetary bazooka” of October 2014; - The yen stands at ¥114.6/$, the strongest level since October 2014; - Yields on JGBs out to ten-year maturity are now in negative territory, for the first time; - Banks, pension funds, insurers all invest heavily in JGBs; - Banks have already made big cuts in the rates they pay depositors, but are not expected to go into negative territory for households or SMEs; ​- All this means a squeeze on earnings at banks, insurers and pension funds

Kuroda Goes Negative on Interest Rates - Monetary ‘Hail Mary’

Richard Katz's February 2016 issue of the Oriental Economist

Who Wins, Who Loses?

In this report Richard analyzes who has gained and who has lost because of the yen’s big depreciation.

January 2015 Lending & Money Supply

FMI’s analysis of January Bank Lending & Money Supply data.

Deja vu: Yellen Out to Repeat Greenspan's Disastrous Policy

FMI’s commentary on ominous historical parallels to Yellen’s intended policy course.