IMES is the Institute for Monetary and Economic Studies, the research arm of the Bank of Japan. It conducts economic and monetary research, publishes the peer-reviewed journal Monetary and Economic Studies, and houses the BOJ's currency museum and archival materials.
How it works
IMES sits inside the Bank of Japan as its dedicated research institute, producing working papers and discussion papers on monetary policy, financial markets, and central-bank history. It hosts an annual international conference convening central bankers and academics, and disseminates output through the bilingual journal Monetary and Economic Studies and an IMES newsletter.
Why it matters now
As the BOJ exits negative rates and yield-curve control through 2024–2025, IMES research and its annual conference are a primary venue for the analytical framing behind Japan's normalization — the first sustained policy tightening in a generation.
Example
IMES hosts the BOJ's annual International Conference, where in past editions central bank governors and academics have debated frameworks such as the effective lower bound and unconventional policy. Its journal Monetary and Economic Studies publishes both BOJ staff and external research in English and Japanese, giving non-Japanese analysts a window into the Bank's internal thinking.
Frequently asked
- What is IMES?
- IMES is the Institute for Monetary and Economic Studies, the research arm of the Bank of Japan. Established in 1982, it conducts research on monetary policy and financial markets, publishes the bilingual journal Monetary and Economic Studies, hosts an annual international conference, and maintains the BOJ's archives and Currency Museum.
- What does the IMES newsletter do?
- The IMES newsletter disseminates information about the institute's research activities, working papers, conferences, and publications. It serves as a communication channel between the Bank of Japan's research institute and the broader community of academics, central bankers, and analysts tracking Japanese monetary policy and economic studies.
- Why does IMES matter for macro analysts?
- IMES matters because it is the primary English-language window into the Bank of Japan's analytical thinking. As Japan normalizes policy after exiting negative rates and yield-curve control in 2024, IMES working papers and its annual conference reveal the frameworks shaping the BOJ's reaction function.
- How does IMES differ from the FOMC?
- IMES is a research institute, not a policy-setting body. The FOMC
Glossary · FOMC
The Federal Open Market Committee is the Federal Reserve's rate-setting body, comprising the seven Board governors plus five of the twelve regional Reserve Bank presidents on a rotating basis. It sets the federal funds target range, directs open-market operations, and publishes the policy statement and economic projections that anchor global rate expectations.
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