JCER Financial Stress Index

JCER Financial Stress Index is 0.056, released on November 7, 2023

-BOJ relaxes yield curve control, Fed's rate-hike phase expected to end
-Financial stress maintains a low level since the yen's depreciation is stopped due to narrowing interest rate difference between Japan and the U.S.

Mayuko ABE
  Economist
Takashi MIYAZAKI
  Senior Economist

2023/11/07

  The JCER Financial Stress Index for Japan is an indicator based on daily market data to capture the rise of financial systemic risk, which could cause a malfunction of the entire financial system an

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2023/11/07

JCER Financial Stress Index is 0.056, released on November 7, 2023

-BOJ relaxes yield curve control, Fed's rate-hike phase expected to end
-Financial stress maintains a low level since the yen's depreciation is stopped due to narrowing interest rate difference between Japan and the U.S.

Mayuko ABETakashi MIYAZAKI

2023/09/25

JCER Financial Stress Index is 0.050, released on September 25, 2023

-BOJ continues with current monetary easing, Fed leaves interest rates unchanged but expects an additional hike before the end of the year
-Financial stress remains a low level with the yen slowly weakening and stock prices remaining at high levels

Mayuko ABETakashi MIYAZAKI

2023/07/31

JCER Financial Stress Index is 0.064, released on July 31, 2023

- Both of central banks in the U.S. and Euro area hiked interest rate, BOJ also made YCC policy more flexible and raise the upper bound of long-term interest rate
- Financial stress maintains a low level as weakening yen and high stock prices are maintained, but uncertainty about outlook still remains

Takashi MIYAZAKI

2023/06/26

JCER Financial Stress Index is 0.076, released on June 26, 2023

- TOPIX keeps at its highest level in about 33 years and financial stress remains a low level
- Banking stocks are steady on expectations of an early revision of the BOJ's easing policy, while the yen depreciates at its weakest level in about seven months

Takashi MIYAZAKI

2023/05/29

JCER Financial Stress Index is 0.109, released on May 29, 2023

- TOPIX is at its highest level in about 33 years since the bubble period and financial stress keeps a low level
- While Japanese yen was weakening due to the widening interest rate differential, the U.S. debt ceiling issue reached a tentative agreement to avert a default on U.S. Treasuries

Takashi MIYAZAKI

2023/04/24

JCER Financial Stress Index is 0.096, released on April 24, 2023

- Anxiety about the financial system in the U.S. and Europe receded, stock prices rose, and financial stress declined
- Most economists expect policy to be maintained the status quo at the first meeting under new Governor Ueda

Takashi MIYAZAKI

2023/03/27

JCER Financial Stress Index is 0.135, released on March 27, 2023

- A string of U.S. bank failures has sparked Europe as well
- Wary of financial system instability remained deep-rooted, and financial stress rose to a level not seen since July 2020

Takashi MIYAZAKI