Big data is providing some surprising results for the Bank of Japan and helping ease concerns about pressure on the economy during the coronavirus pandemic, which could influence the way the BOJ manages the world’s most radical monetary stimulus
TOKYO - .
The revelation helped convince BOJ policymakers to conclude the economy has past the worst and did not need immediate, additional monetary support. Non-traditional data may also affect the way the BOJ gauges success in meeting its elusive 2% inflation target. “The BOJ knows its conventional approach of simply tracking CPI won’t work. While they won’t change the 2% target, they will start looking at a wider range of data,” said Tsutomu Watanabe, a former BOJ official and a pioneer of big data in Japan.
Kazushige Kamiyama, the BOJ’s top economist who spearheaded the changes, says the bank is ready to hire and develop data scientists who can streamline data collection and analysis.“In times of shock, uncertainty over the state of the economy and its outlook heightens. It’s like driving without your lights on,” Kamiyama told Reuters.
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