Bank of Japandemonium (Bank of Japan + pandemonium)
The term “Japandemonium” (Japan + pandemonium) had been used before, but the financial blog Testosterone Pit coined “Bank of Japandemonium” (Bank of Japan + pandemonium) on November 6, 2013, with the headline, “Bank Of Japandemonium Killed And ‘Sacrificed’ The JGB Market.” A story on December 24, 2013, “No Money, No Problem, Bank Of Japandemonium Takes Care Of It,” was reprinted on the financial blog Business Insider as well as on other blogs.
Wikipedia: Bank of Japan
The Bank of Japan (日本銀行 Nippon Ginkō?, BOJ, JASDAQ: 8301) is the central bank of Japan. The Bank is often called Nichigin (日銀?) for short. It has its headquarters in Chuo, Tokyo.
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Reorganization
The BOJ was reorganized in 1942 under the Bank of Japan Act of 1942. There was a brief post-war period during the Occupation of Japan when the bank’s functions were suspended, and military currency was issued. In 1949, the bank was again restructured.
In the 1970s, the Bank’s operating environment evolved along with the transition from a fixed foreign currency exchange rate and a rather closed economy to a large open economy with a variable exchange rate.
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A major 1997 revision of the Bank of Japan Act (jp:日本銀行法) was designed to give it greater independence; however, the Bank of Japan has been criticized for already possessing excessive independence and lacking in accountability before this law was promulgated.
Testosterone Pit
Bank Of Japandemonium Killed And “Sacrificed” The JGB Market
WEDNESDAY, NOVEMBER 6, 2013 AT 12:02AM
“The JGB market is dead,” announced with finality Tetsuya Miura, chief bond strategist at Mizuho Securities, one of Japan’s 23 primary dealers that have to bid on Japanese government securities at auctions. Only the Bank of Japan, and nothing else, was still “driving bond prices,” he said.
The BOJ is on a crusade. No central bank of a developed country is more reckless, not even the Fed. It’s based, like any good deception campaign, on the recurring willful mis-definition of the problem.
Business Insider
No Money, No Problem, Bank Of Japandemonium Takes Care Of It
Testosterone Pit WOLF RICHTER, TESTOSTERONE PIT
DEC. 24, 2013, 4:11 PM
In the days before Christmas and New Year’s, when no one was supposed to pay attention, Japanese Prime Minister Shinzo Abe, his ministers, and coalition partners agreed on a draft budget for fiscal 2014, which starts April 1. It’s a doozy. Instead of slowing down the fiscal fiasco engulfing Japan, Abenomics is speeding it up.
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costata001
@costata001
Merry Christmas & best wishes for a prosperous New Year. Late entry 4 best slag tag of 2013: http://www.testosteronepit.com/home/2013/12/24/no-money-no-problem-bank-of-japandemonium-takes-care-of-it.html … “Bank of Japandemonium”
3:38 PM - 24 Dec 13