Showing posts with label Bank of Japan. Show all posts
Showing posts with label Bank of Japan. Show all posts
Saturday, May 28, 2011
Thursday, December 2, 2010
Cancún climate change summit: Japan refuses to extend Kyoto protocol
Talks threatened with breakdown after forthright Japanese refusal to extend Kyoto emissions commitments
John Vidal
Guardian
The delicately balanced global climate talks in Cancún suffered a serious setback last night when Japan categorically stated its opposition to extending the Kyoto protocol – the binding international treaty that commits most of the world's richest countries to making emission cuts.
The Kyoto protocol was adopted in Japan in 1997 by major emitting countries, who committed themselves to cut emissions by an average 5% on 1990 figures by 2012.
However the US congress refused to ratify it and remains outside the protocol.
The brief statement, made by Jun Arima, an official in the government's economics trade and industry department, in an open session, was the strongest yet made against the protocol by one of the largest emitters of greenhouse gases.
He said: "Japan will not inscribe its target under the Kyoto protocol on any conditions or under any circumstances."
The move came out of the blue for other delegations at the conference.
"For Japan to come out with a statement like that at the beginning of the talks is significant," said one British official. "The forthrightness of the statement took people by surprise."
If it proves to be a new, formal position rather than a negotiating tactic, it could provoke a walk-out by some developing countries and threaten a breakdown in the talks. Last night diplomats were urgently trying to clarify the position.
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Guardian
The delicately balanced global climate talks in Cancún suffered a serious setback last night when Japan categorically stated its opposition to extending the Kyoto protocol – the binding international treaty that commits most of the world's richest countries to making emission cuts.
The Kyoto protocol was adopted in Japan in 1997 by major emitting countries, who committed themselves to cut emissions by an average 5% on 1990 figures by 2012.
However the US congress refused to ratify it and remains outside the protocol.
The brief statement, made by Jun Arima, an official in the government's economics trade and industry department, in an open session, was the strongest yet made against the protocol by one of the largest emitters of greenhouse gases.
He said: "Japan will not inscribe its target under the Kyoto protocol on any conditions or under any circumstances."
The move came out of the blue for other delegations at the conference.
"For Japan to come out with a statement like that at the beginning of the talks is significant," said one British official. "The forthrightness of the statement took people by surprise."
If it proves to be a new, formal position rather than a negotiating tactic, it could provoke a walk-out by some developing countries and threaten a breakdown in the talks. Last night diplomats were urgently trying to clarify the position.
Read Full Article
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It is time to Wake Up! You too, can join the "Global Political Awakening"!Print this page
Thursday, October 7, 2010
IMF chief fears risk of currency wars after Japan's zero interest rate move
The Bank of Japan’s surprise move to reinstate zero interest rates has led to a warning of the danger of a currency war from the head of the International Monetary Fund.
Philip Aldrick and Jonathan Russell
Telegraph
Dominique Strauss-Kahn warned that moves by central banks across the world to cut interest rates and carry out billions of pounds worth of quantitative easing could upset the global economy recovery as currencies chased each other ever lower.
In an interview with the Financial Times, he said: “There is clearly the idea beginning to circulate that currencies can be used as a policy weapon. Translated into action, such an idea would represent a very serious risk to the global recovery ... Any such approach would have a negative and very damaging longer-run impact.”
Japan surprised markets by adopting a zero interest rate policy and announcing plans for quantitative easing (QE) in an attempt to inject fresh stimulus into the economy.
The move led to an immediate fall in the value of the yen against the dollar.
The Japanese central bank has pledged to buy assets worth five trillion yen (£38bn) and cut its overnight rate to between zero and 0.1pc,from 0.1pc, reinstating the so-called “zero interest policy” that the Bank only ended in July 2006.
It will keep its benchmark rate effectively at zero until establishing price stability, adopting a similar loose policy commitment to the US Federal Reserve.
The size of the QE programme roughly matches the extra stimulus package desired by the Japanese government. Japan is running out of options as it seeks to reinvigorate its economy in the face of national debt running at twice the national output – the largest of the advanced economies.
Read Full Article
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Telegraph
Dominique Strauss-Kahn warned that moves by central banks across the world to cut interest rates and carry out billions of pounds worth of quantitative easing could upset the global economy recovery as currencies chased each other ever lower.
In an interview with the Financial Times, he said: “There is clearly the idea beginning to circulate that currencies can be used as a policy weapon. Translated into action, such an idea would represent a very serious risk to the global recovery ... Any such approach would have a negative and very damaging longer-run impact.”
Japan surprised markets by adopting a zero interest rate policy and announcing plans for quantitative easing (QE) in an attempt to inject fresh stimulus into the economy.
The move led to an immediate fall in the value of the yen against the dollar.
The Japanese central bank has pledged to buy assets worth five trillion yen (£38bn) and cut its overnight rate to between zero and 0.1pc,from 0.1pc, reinstating the so-called “zero interest policy” that the Bank only ended in July 2006.
It will keep its benchmark rate effectively at zero until establishing price stability, adopting a similar loose policy commitment to the US Federal Reserve.
The size of the QE programme roughly matches the extra stimulus package desired by the Japanese government. Japan is running out of options as it seeks to reinvigorate its economy in the face of national debt running at twice the national output – the largest of the advanced economies.
Read Full Article
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