Tokyo FinTech Association的动态

BOJ: Trends in Japan's Short-Term Money Market | by Norbert Gehrke | Tokyo FinTech: The Financial Markets Department of the Bank of Japan has been conducting the “Tokyo Money Market Survey” since 2008 to grasp the trading trends?...

In the Bank of Japan's April 2024 Outlook Report (https://lnkd.in/evyEDJfN), my paper with Takahiro Hattori about Yield Curve Control was cited. This quarterly report, which is decided at the Monetary Policy Meeting, presents the Bank's outlook for economic activity and prices and outlines its views on the future course of monetary policy. Paper on Yield Curve Control (International Journal of Central Banking): https://lnkd.in/e5EcAxtY The University of Tokyo, Penn State University, Penn State Smeal College of Business #monetarypolicy #yieldcurve #japan

UPCOMING EVENT: The Future of Cross-Border Payments: Faster Safer Together – Safe and Inclusive Fast Payments Across Borders WHEN: Tuesday, Oct 22, 2024 | 3:15 PM - 4:05 PM ET WHERE: IMF Headquarters, Washington, DC | Meeting Halls A&B HQ1-3-430A&B Or join virtually: https://lnkd.in/eT3KVaMH OVERVIEW: One of the most promising solutions for enhancing cross-border payments in the near term is the interlinking of fast payment systems. More than 70 of these systems are in operation around the world and many more are being developed. A critical component for interlinking fast payment systems is the governance and oversight of such arrangements, which is one of the more challenging aspects of cross-border payments. The panel will review experience and progress in interlinking fast payment systems, examine workable governance and oversight approaches, and discuss lessons and preconditions for future cross-border payments. Panelists: Lesetja Kganyago (Governor, South African Reserve Bank) Christine Lagarde (President, European Central Bank) Fabio Panetta (Governor, Bank of Italy and Chair of the Committee on Payments and Market Infrastructures) Serey Chea (Governor, Central Bank of Cambodia) Moderator: Andrea M Maechler (Deputy General Manager, Bank for International Settlements)

International Monetary Fund paper on CBDCs and Financial Stability ?? This paper offers a comprehensive analysis of the implications for financial stability of a central bank issuing a digital currency to the public at large. ?? They start with a systematic analysis of balance sheet changes that arise from the new liability for the central bank and the banking system, and examine how they depend on preconditions, central bank choices, and banking system responses. ?? Based on this, they discuss the range of implications for financial stability that may arise in steady state, in the context of adoption, and in crisis times. ?? Threats to financial intermediation in steady state arise mainly in situations where the central bank balance sheet expands, and triggers adjustment mechanisms that lead to more costly or less stable funding of the banking system, while in crisis times run risk may increase. ?? The IMF's analysis of policy choices to control these effects considers macro-prudential policy, and an expansion of central bank lending to commercial banks, but finds that a main contribution needs to come from a design of the CBDC that encourages its use as a means of payment rather than a store of value. Great work Romain Bouis, Gaston Gelos, Paavo Miettinen, Fumitaka Nakamura, Erlend Nier, and Gabriel S?derberg

The Central Bank of Argentina (BCRA) Adds Tools for Managing Its Reserves by Arranging a REPO with International Banks The Central Bank has arranged a passive repurchase agreement (REPO) with five top-tier international banks using BOPREAL Series 1-D securities for the total auctioned amount of USD 1 billion, with a final term of 2 years and 4 months. In the inaugural auction held on December 27th, the Central Bank received offers totaling USD $2.850 billion, nearly tripling the auctioned amount. Given the excess demand and in view of the favorable evolution of its international reserves, the BCRA chose not to take a larger amount. The initial auction, conducted on December 27, 2024, demonstrated considerable interest from international investors: Offers were received for a total of USD 2.850 billion Demand exceeded the auctioned amount by almost three times Despite the strong demand, the BCRA decided to maintain the original amount of USD 1 billion, citing a favorable evolution of its international reserves. Implications for Reserve Management This REPO operation provides the BCRA with a new tool to manage its foreign currency liquidity more efficiently. Potential benefits include: Strengthening of reserves: The transaction allows the BCRA to reinforce its international liquidity position. Financial flexibility: It offers a short-term financing alternative without the need to sell assets. Signal of confidence: The high demand and participation of renowned international banks suggest a positive market perception towards Argentina. This measure comes at a time when Argentina is seeking to stabilize its economy and strengthen its international financial position. The new government has implemented a series of economic reforms, including changes in monetary policy: The reference interest rate has been modified, shifting from the 28-day Leliq rate to the 1-day repo rate, reducing the rate from 133% to 100%. The issuance of 28-day Leliq has been suspended, simplifying the monetary policy framework. These actions, along with the recent REPO operation, are part of a broader strategy to reduce monetary financing of the fiscal deficit and promote economic stability. https://lnkd.in/gTcdHrBr

In a landmark agreement, the European Central Bank (ECB) and Norges Bank have announced that Norway will integrate its currency, the Norwegian krone, into the TIPS system (TARGET Instant Payment Settlement) by 2028. Norway is the first non-European Union country within the European Economic Area to join one of the Eurosystem’s TARGET Services, reflecting strengthened economic relations across Europe and the attractiveness of TIPS. The Norwegian krone (NOK) will become the fourth currency available for settlement in TIPS, alongside the euro (EUR), Swedish krona (SEK), and Danish krone (DKK), which is scheduled to join in April 2025.? #tips #norway #eurosystem #target #instant #payment #ecb #eur #nok

A good report by the Swedish Central Bank on possible interactions with a digital Euro which shows up even more holes in the ECB design - another example of sloppy thinking by the ECB. https://lnkd.in/exgffAka The ECB has proposed that citizens of Europe (including countries not using the Euro such as Sweden) will be able to hold digital Euro in wallets provided by Europe-wide payment providers. All well and good until , as usual, one delves into the detail, especially holding limits and the nonsense that is 'waterfalls' where money is automatically debited or credited to citizens' commercial bank accounts, depending on balances and limits. But as the report asks, what if the bank accounts are not denominated in Euro but in another currency, such as the Swedish krona? That will mean that in the case of an automatic waterfall, foreign exchange conversions and charges will be necessary in real time or Swedish banks will have to support foreign accounts (here krona) to make payments and those foreign banks will have to move their accounts to full real-time operations (for what?) Another example of the ECB making it up on the run? And there is more to come, ECB really have not thought through all the problems associated with holding limits - just think of the chaos when holding limit(s) change - money flying everywhere as a result of the waterfalls. And they haven't really addressed joint accounts properly yet? #digitaleuro #cbdc

See our latest What Investors Want to Know covering the hot topics facing Emerging-Market EMEA and APAC Banks. It also touches upon the outlook for 2025 from these regions.

The Central Bank of Iceland Launches Feasibility Assessment on Implementing Eurosystem’s TARGET Services for Payments Read more: https://lnkd.in/d5rCCbrM #CentralBankOfIceland #Eurosystem #TARGETServices #Payments #FeasibilityAssessment #Finance #Fintech #FinancialIT

A graphical representation of the top 50 banks worldwide, ranked by consolidated assets from a 2023 report by S&P Global Market Intelligence and created by Visual Capitalist, reveals significant shifts in the banking landscape. The standout observation is the remarkable ascent of major Chinese banks, which now collectively command over a third of global assets. Notably, the top four Chinese banks experienced a 4.1% growth in assets in 2022, according to S&P's findings and now managing assets totalling $19.8 trillion. This surge contrasts with a previous era where Japanese banks held similar prominence but have since witnessed a decline in assets and corresponding rankings. However, the top 10 list still showcases notable diversity, comprising four Chinese banks, two American institutions, two French entities, along with one Japanese and one British bank. Interesting to see what would be the swing in the world of finance in new "era" in front of us... Any thoughts or prediction ?