The Legality of Japan's Current Monetary Policy under International Law

Author:John Riley
Pages:181-196
SUMMARY

In response to the 2008 global financial crisis, many of the world's largest central banks initiated unconventional monetary policies such as quantitative easing when standard open market operations became ineffective. The Bank of Japan, the US Federal Reserve, the Bank of England and the European Community Bank were among those that aggressively increased their respective monetary bases to... (see full summary)

 
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Japan
181
VII JEAIL 1 (2014)
John Riley
      
    
     
     
   
    
      
     
     

      
     
     

Keywords
IMF, WTO, Currency Devaluation, Exchange Rates, Quantitative Easing,
Bank of Japan
The Legality of Japan
s
Current Monetary Policy
under International Law
Assistant Professor of Law at Sogang University School of Law, Seoul, Korea. J.D. (Pittsburgh). ORCID: http://
orcid.org/0000-0002-7512-9090. The author may be contacted at: johnriley007@gmail.com / Address: Sogang
University School of Law, 35 Baekbeom-ro (Sinsu-dong), Mapo-gu, Seoul 121-741 Korea.
DOI: http://dx.doi.org/10.14330/jeail.2014.7.1.09
2014-05-23 오후 2:33:10
182 John Riley
1. Introduction
Japans Lost Decade (or Lost Two Decades) is characterized as a period of
     
   
  
      

  
     
    
The
       
       
   
Japan      
     
 


  
     
  

     
    
       
   
    
1See generally P. Krugman, It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap, Brookings Papers on
Economic Activity 2:1998, available at http://web.mit.edu/krugman/www/bpea_jp.pdf (last visited on Apr. 15, 2014).
2See GDP growth (annual %), The World Bank, available at http://data.worldbank.org/indicator/NY.GDP.MKTP.
KD.ZG (click ‘Download Data’ showing 8.3 percent growth); See also Inflation, consumer prices (annual %), The
World Bank, available at http://data.worldbank.org/indicator/FP.CPI.TOTL.ZG/countries?display=map (all last visited
Apr. 11, 2014).
3For details on the impact of the Tohoku earthquake and tsunami, see Jun Hongo, Still hunting shadows three years
after 3/11, Japan Times (Mar. 8, 2014) available at http://www.japantimes.co.jp/life/2014/03/08/lifestyle/still-
hunting-shadows-three-years-after-311/#.U0em5mqKDIU. See also J. Hausman, & J. Wiel, Abenomics: Preliminary
Analysis and Outlook, Brookings Panel on Economic Activity 6 (Mar. 2014), available at http://www.brookings.
edu/~/media/projects/bpea/spring%202014/2014a_hausman.pdf (all last visited on Apr. 14, 2014).
4Id.
5Id. at 7.
6J. Daniels & D. VanHoose, inTernaTional moneTary anD Financial economics 213-219 (3d ed. 2005).
2014-05-23 오후 2:33:10

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