Bank of Japan Official Examines QQE Impact, Japan's External Balance and Debt Sustainability

Recent Developments in Japan’s Economy & Monetary Policy

Wednesday, March 19, 2014, 8:00 am, at Japan Society


New York, NY - The Bank of Japan has been conducting Quantitative and Qualitative Monetary Easing (QQE) to overcome deflation. These unprecedented policy initiatives are designed to exert effects on inflation expectations of firms and households, which had stayed at low levels compared to those in other leading economies. The QQE is also a policy which faces a challenge of containing nominal rates at low levels. Since the introduction of the QQE in April 2013, economic activity and prices in Japan have been largely in line with the Bank’s baseline scenario that is consistent with achieving a 2 percent inflation rate in about two years.

In Recent Developments in Japan’s Economy & Monetary Policy, Takehiro Sato, a policy board member of the Bank of Japan, and a former Managing Director, Chief Economist at Morgan Stanley Japan, argues his outlook for Japan’s economy and prices including the impact of the QQE, covering such topics as Japan's external balance and the fiscal and debt sustainability. Moderated by Merrill Lynch Global Research's Ethan Harris, the talk takes place Wednesday, March 19, at Japan Society.

Agenda: 8:00-8:30 am, registration and buffet breakfast; 8:30-9:30, lecture and Q&A.

Admission: $15. Japan Society Corporate Members are entitled to a designated number of FREE admissions based on their company's membership level. Discounted rates are available for additional Japan Society Corporate Members, certain individual members, government officials and academics. To register or for more information, please email, visit, or call 212-715-1208.

Takehiro Sato currently serves as Member of the Policy Board of the Bank of Japan. Before joining the Bank in July 2012, he was Managing Director, Chief Economist for Japan, and Head of Japan Fixed Income Research at Morgan Stanley Japan, where he spent more than 12 years. He was responsible for formulating the firm's view on the economy and interest rates in Japan, focusing particularly on the country's robustness of the macro-balance and stability of debt financing structure under the prolonging deflation. He also directed teams of market strategists covering JGBs and rate-sensitive derivatives. Mr. Sato holds a B.A. in Economics from Kyoto University.

Ethan Harris is the co-head of Global Economics Research at BofA Merrill Lynch Global Research. In this role, he is responsible for the U.S. growth, inflation and monetary policy call. He also coordinates the global economics forecast and publication and manages the developed markets economics team. Harris regularly ranks highly in investor polls and forecast surveys. Before coming to BofAML, Harris was the chief U.S. economist at Lehman Brothers. He also worked as an economist at Barclays and JP Morgan and spent nine years at the Federal Reserve Bank of New York, where he was assistant to the president and head of the Domestic Research Division. Harris earned a bachelor’s degree in economics from Clark University and a PhD in economics from Columbia University, where he was a University Fellow. Harris is the author of "Ben Bernanke's Fed: The Federal Reserve After Greenspan."

Founded in 1907, Japan Society is a multidisciplinary hub for global leaders, artists, scholars, educators, and English and Japanese-speaking audiences. At the Society, more than 100 events each year feature sophisticated, topically relevant presentations of Japanese art and culture and open, critical dialogue on issues of vital importance to the U.S., Japan and East Asia. An American nonprofit, nonpolitical organization, the Society cultivates a constructive, resonant and dynamic relationship between the people of the U.S. and Japan.

Japan Society is located at 333 East 47th Street between First and Second avenues (accessible by the 4/5/6 at 42nd Street-Grand Central Station or the E and M at Lexington Avenue and 53rd St.) For further information call 212-832-1155 or visit

This event is presented with support from Citi, Deloitte, United Airlines, Mizuho Financial Group, Toyota Motor North America, and WL Ross & Co. LLC.

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Media Contacts:
Shannon Jowett, 212-715-1205,
Kuniko Shiobara, 212-715-1249,

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