Central banks currently face unusual challenges. In both the UK and Japan, the normal policy lever – interest rates – is at or close to its limits, forcing central bankers to consider innovative measures, such as “quantitative easing” (QE), to support their economies. But these measures have been controversial. Some argue that the Japanese experience shows that QE doesn’t work, while others say that the real problem is the Bank of Japan’s cautiousness. In the UK, critics argue that QE has failed to boost the economy, debased the currency, and pushed up inflation. In the meantime, savers and pensioners in both countries have been squeezed by unusually low returns on their investments. In this seminar, the second in the 2012 series Leadership: People and Power in the UK and Japan, we ask what lessons can be learnt from the Bank of Japan’s experience over the last two decades – and what central bankers in both countries should do next?
Satoshi Kawazoe has been General Manager for Europe and Chief Representative in London at the Bank of Japan since May 2011. Prior to this, Mr. Kawazoe was General Manager of the Bank's Shizuoka branch (2009-2011). Mr. Kawazoe held several other posts at the Bank, generally relating to international relations. In that capacity, he represented the Bank in various fora, such as the Committee on the Global Financial System and the Markets Committee, which regularly meet at the Bank for International Settlements in Basel, discussing developments and issues in the international financial markets and the economy.
Stephen King is HSBC's Group Chief Economist and the Bank's global head of economics and asset allocation research. Since 2001, Mr. King has been writing a weekly column for The Independent. He has given written and oral evidence to the House of Commons Treasury Committee and the House of Lords Economic Affairs Committee, and oral evidence to the House of Lords Committee on UK Monetary Policy. Between 2007 and 2009, he was a member of the European Central Bank Shadow Council, and he recently became a member of the Financial Times Economists' Forum. His first book, Losing Control (Yale University Press) examines the impact of the emerging nations on western economic prosperity.
Edward Carr (Chair) is Foreign Editor of The Economist. Carr started at the paper as a science correspondent. In 2000 he left for the Financial Times, where he served as News Editor. Returning to The Economist in 2005, Mr. Carr was Business Affairs Editor, charged with the coverage of business, finance and science.
Free but booking is essential at www.dajf.org.uk/bookin