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TOKYO – Central bank rate moves rarely get metaphysical. But the way global markets ignored the Bank of Japan’s first tightening step in 17 years has traders asking: If a rate hike falls in a forest and no one is around to hear it, does it make a sound?
On Feb. 1, 2005, I took office as the eighth president of the Asian Development Bank (ADB). I headed to the headquarters in Manila and took over from former President Tadao Chino at the hotel where I arrived. This kept to the tradition that the outgoing and incoming presidents would not be in the headquarters building at the same time.
I retired as a Ministry of Finance official in January 2003, after more than 35 and a half years of service. The reason I stayed on as vice minister of finance for international affairs for three and a half years, an unusually long term, seems to be that Finance Minister Masajuro Shiokawa decided to keep me on a bit longer, and my retirement was postponed by six months.
In April 1998, the first revisions to the Bank of Japan Act in 56 years went into effect, making the Bank independent from the government. Under the new law, policy decisions would be made at monetary policy meetings by the BOJ governor, two deputy governors and six members of the policy board.
At the 1998 International Monetary Fund (IMF) and World Bank annual meetings, Japan announced a $30 billion New Miyazawa Initiative to help East Asian countries recover from the currency crisis.
In 1996, I became the head of the Finance Ministry's Policy Research Institute. I visited other countries in Asia and focused on discussions over policy with the authorities there.