Japan's next central banker promises "whatever it takes" to fight deflation

Kuroda pulls a Draghi.

Japan is where all the action in monetary policy is taking place, and the news this weekend is no exception. Haruhiko Kuroda, the man who is likely to become the new governor of the Bank of Japan following his nomination by prime minister Shinzo Abe, has apparently been taking lessons from Mario Draghi.

Bloomberg's Michael McDonough tells the story:

 

 

 

 

 

 

 

 

The crucial phrase there is "whatever it takes". That's the phrase which has gone down in history as the turning point in the euro crisis. Last July, Mario Draghi promised to do "whatever it takes" to preserve the euro — and from that moment, Italian bond yields fell almost consistently until mid-February when traders realised how shambolic the election was gearing up to be. This chart from Business Insider shows just how strong the effect was:

 

Kuroda will be hoping he can have half the effect of Draghi. But since the effectiveness of promising to do whatever it takes is dependent on everyone believing that you actually will, Japan has an advantage in this game. The lengths the government has gone to to tackle deflation already far exceed anything any other country has attempted, and it would appear they are only getting started.

Haruhiko Kuroda. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Jeremy Corbyn fans are getting extremely angry at the wrong Michael Foster

He didn't try to block the Labour leader off a ballot. He's just against hunting with dogs. 

Michael Foster was a Labour MP for Worcester from 1997 to 2010, where he was best known for trying to ban hunting with dogs. After losing his seat to Tory Robin Walker, he settled back into private life.

He quietly worked for a charity, and then a trade association. That is, until his doppelganger tried to get Jeremy Corbyn struck off the ballot paper. 

The Labour donor Michael Foster challenged Labour's National Executive Committee's decision to let Corbyn automatically run for leadership in court. He lost his bid, and Corbyn supporters celebrated.

And some of the most jubilant decided to tell Foster where to go. 

Foster told The Staggers he had received aggressive tweets: "I have had my photograph in the online edition of The Sun with the story. I had to ring them up and suggest they take it down. It is quite a common name."

Indeed, Michael Foster is such a common name that there were two Labour MPs with that name between 1997 and 2010. The other was Michael Jabez Foster, MP for Hastings and Rye. 

One senior Labour MP rang the Worcester Michael Foster up this week, believing he was the donor. 

Foster explained: "When I said I wasn't him, then he began to talk about the time he spent in Hastings with me which was the other Michael Foster."

Having two Michael Fosters in Parliament at the same time (the donor Michael Foster was never an MP) could sometimes prove useful. 

Foster said: "When I took the bill forward to ban hunting, he used to get quite a few of my death threats.

"Once I paid his pension - it came out of my salary."

Foster has never met the donor Michael Foster. An Owen Smith supporter, he admits "part of me" would have been pleased if he had managed to block Corbyn from the ballot paper, but believes it could have caused problems down the line.

He does however have a warning for Corbyn supporters: "If Jeremy wins, a place like Worcester will never have a Labour MP.

"I say that having years of working in the constituency. And Worcester has to be won by Labour as part of that tranche of seats to enable it to form a government."