The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
Japan’s Energy Picture Fifteen Years Post-Fukushima
English Summary
Fifteen years after the Fukushima disaster, Japan is reintegrating nuclear power into its energy mix to bolster energy security and meet decarbonization targets. The shift, codified in the 2025 Strategic Energy Plan, aims to reduce the country’s precarious over-reliance on imported natural gas, which exposed Japan to significant geopolitical risks following conflicts in Ukraine and the Middle East. While supported by extensive safety reforms and the strategic need to compete with China’s nuclear expansion, the policy must still navigate persistent public skepticism. Success will require a flexible approach that balances nuclear restarts with diversified energy sourcing to ensure long-term stability.
中文摘要
福島核事故十五年後，日本正將核電重新納入其能源組合，以鞏固能源安全並實現去碳化目標。此一轉變已明確載入《2025年能源策略計畫》，旨在減少該國對進口天然氣的高度依賴，這類依賴在烏克蘭及中東衝突爆發後，使日本面臨嚴峻的地緣政治風險。儘管該政策有廣泛的安全改革作為支撐，且具備與中國核能擴張競爭的戰略需求，但仍須克服持續存在的公眾質疑。成功與否將取決於能否採取靈活方案，在核電重啟與多元能源採購之間取得平衡，以確保長期穩定。
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