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Chūō-ku, Japan

Hirose Y.,Keio University | Kurozumi T.,Bank of Japan
Pacific Economic Review | Year: 2012

The observed decline in the relative price of investment goods to consumption goods in Japan suggests the existence of investment-specific technological (IST) changes. We examine whether IST changes are a major source of business fluctuations in Japan, by estimating a dynamic stochastic general equilibrium model using Bayesian methods. We show that IST changes are less important than neutral technological changes in explaining output fluctuations. We also demonstrate that investment fluctuations are mainly driven by shocks to investment adjustment costs. Such shocks represent variations of costs involved in changing investment spending, such as financial intermediation costs. We find that the estimated series of the investment adjustment cost shock correlates strongly with the diffusion index of firms' financial position in the Tankan (Short-term Economic Survey of Enterprises in Japan). Therefore, we argue that the large decline in investment growth in the early 1990s was due to an increase in investment adjustment costs stemming from firms' financial constraints after the collapse of Japan's asset price bubble. © 2012 Blackwell Publishing Asia Pty Ltd.

Fujiwara I.,Australian National University | Takahashi K.,Bank of Japan | Takahashi K.,University of California at San Diego
Pacific Economic Review | Year: 2012

How are Asian financial markets interlinked and how are they linked to markets in developed countries? What is the main driver of fluctuations in Asian financial markets as well as real economic activity? To answer these questions, we estimate the spillover index proposed by Diebold and Yilmaz and gauge the degree of interaction in both financial markets and real economic activity among Asian economies. We first show that the degree of the international spillover in stock markets is uniform, irrespective of the groups of countries concerned, such as the G3 and ASEAN4. This suggests the importance of global common shocks in stock markets. We then discuss the macro-finance dissonance. In stock and bond markets, the United States has been the main driver of fluctuations. However, China has emerged as an important source of fluctuations in real economic activity. © 2012 The Authors. Pacific Economic Review © 2012 Blackwell Publishing Asia Pty Ltd.

Abe N.,Hitotsubashi University | Shiotani K.,Bank of Japan
Asian Economic Policy Review | Year: 2014

On the basis of household-level scanner data (called homescan data) for Japan, we construct a household-level price index and investigate the causes of price differences across households. We observe large price differentials across households, a result that is consistent with the previous research based on the data in the USA. However, the differences across age and income groups are small. In addition, we find that elderly people face higher prices than the younger ones, which is contrary to the results of the previous research. The most important determinant of the price level is the extent to which households rely on bargain sales; doubling purchases of goods at bargain sales decreases the price level by about 2%, while shopping frequency only has a limited effect on the price level. © 2014 The Authors. Asian Economic Policy Review © 2014 Japan Center for Economic Research.

Sudo N.,Bank of Japan | Ueda K.,Waseda University | Watanabe K.,Chuo University
Asian Economic Policy Review | Year: 2014

We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We provide five facts. First, posted prices in Japan are ten times as flexible as those in the US scanner data. Second, regular prices are almost as flexible as those in the USA and Euro area. Third, the heterogeneity of frequency and size of price change across products is sizable and maintained throughout the sample period. Fourth, during Japan's lost decades, temporary sales have played an increasingly important role in households' consumption expenditure. Fifth, the frequency of upward regular price revisions and the frequency of sales are significantly correlated with the macroeconomic environment, in particular indicators associated with a labor market, while other components of price changes are not. © 2014 The Authors. Asian Economic Policy Review © 2014 Japan Center for Economic Research.

News Article | April 22, 2016
Site: cleantechnica.com

The parent to the world’s oldest bourse – the London Stock Exchange – recently announced that it became member of the Climate Bonds Initiative. The London Stock Exchange Group finally joined hands with the Climate Bonds Initiative to push ahead with the promotion of green bonds. The first green bond to be listed at LSE was issued by World Bank in 2009; since then, the exchange has attracted some of the leading banks and institutions from the global green bonds market. In 2014, the LSE Group joined the United Nations Sustainable Stock Exchanges initiative. The International Finance Corporation (IFC) listed its first Renminbi-denominated green bond, raising RMB 500 million in the same year. In 2015, the LSE launched a comprehensive range of dedicated green bond segments attracting even more first-time issuers. In August 2015, the IFC listed the first offshore Indian Rupee denominated green bond, raising INR 3.15 billion. In October, the Agricultural Bank of China listed a $1 billion triple tranche, dual currency green bond, the largest green issue on London Stock Exchange’s markets. In total, the London Stock Exchange has attracted 24 ‘self-labelled’ green bonds, raising over $4 billion. Some of the well-known banks, institutions, and companies to have listed green bonds at LSE bourses include International Finance Corporation, Agricultural Bank of China, Transport for London, Unilever PLC, Nordic Investment Bank, Development Bank of Japan, and European Bank of Reconstruction & Development.   Drive an electric car? Complete one of our short surveys for our next electric car report.   Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.  

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