Each year the US Federal Reserve Board holds an annual conference in Jackson Hole, Wyoming. The Conference’s aim is to bring together participants from the world of finance, economics, and academia to discuss the future course of monetary policy. This weekend the Bank of Japan is holding an equivalent Conference, also to discuss monetary policy. The Conference is jointly sponsored by the Institute for Monetary and Economic Studies (IMES). In his opening remarks, BOJ Chairman Kazuo Ueda signals a major change in BOJ Policy from a policy that was encouraging inflation to one that will now fight inflation. The BOJ will now join the rest of the Western World in instituting tight monetary policy.
