Proceedings of International Academic Conferences, 2019.
Monetary Policy Expectations, Money Market, and Non-traditional Monetary Policy
When the Bank of Japan (BOJ) adopts interest rate targeting under a comprehensive easing policy, the yield curve up to 12 months in the Japanese money market is driven by a single trend. It is caused by monetary policy expectations. The regime of interest rate targeting gives a sense of comfort to market participants that the regular transmission mechanism works in the yield curve of the money market. Thus, monetary policy expectations are fully transmitted to the yield curve end. On the other hand, monetary policy expectations are not fully transmitted to the yield curve end under either the quantitative and qualitative easing policy or the negative easing policy. The quantitative and qualitative easing policy and the negative interest rate policy paralyze the market function in the short-term money market. Central bankers should always keep it in mind that the transmission of interest rates along the yield curve is an integral part of the mechanism through which monetary policy affects the economy.
Respiratory Medicine Case Reports, Vol 29, Iss , Pp - (2020)
Diseases of the respiratory system and RC705-779
A 65-year-old man with chronic respiratory failure caused by chronic obstructive pulmonary disease, had a pulmonary nodule adjacent to the inlet of right B1 and B3. The patient had undergone a surgery for right renal cell carcinoma and colon cancer 6 years prior. We attempted endobronchial ultrasound-guided transbronchial needle aspiration under non-invasive positive pressure ventilation for diagnosis, with rapid on-site cytology, which was performed without complications. The histological findings revealed lung metastasis involving renal cell carcinoma. Endobronchial ultrasound-guided transbronchial needle aspiration under non-invasive positive pressure ventilation is useful for diagnosing lesions that require access up to the segmental bronchus in patients with respiratory failure. Keywords: EBUS-TBNA, Renal cell carcinoma, Respiratory failure
Stock price has a positive impact on the REIT (Real Estate Investment Trust) Property Sector Index Series (Office, Residential, and Retail & Logistics) in all three sample periods. Interest rate has no significant impact on any of the sectors in the REIT Property Sector Index Series under the comprehensive easing policy regime. On the other hand, interest rate has a negative impact on each of the sectors in the REIT Property Sector Index Series under the quantitative and qualitative easing and the negative interest rate policy regimes. The negative impact of interest rate on the REIT market is larger under the quantitative and qualitative policy regime than it is under the negative interest rate policy regime. As regards the sensitivity of the three REIT property sectors to stock price and interest rate, no significant differences are found in any of the samples; the three different sectors are almost equally influenced by stock price and long-term interest rate.
Keiko Oda, Kan Katayama, Akiko Tanoue, Tomohiro Murata, Yumi Hirota, Shoko Mizoguchi, Yosuke Hirabayashi, Takayasu Ito, Eiji Ishikawa, Kaoru Dohi, and Masaaki Ito
BMC Nephrology, Vol 19, Iss 1, Pp 1-6 (2018)
Acute kidney injury, Deferasirox - gross hematuria - myelodysplastic syndrome - thin basement membrane disease, Diseases of the genitourinary system. Urology, and RC870-923
Abstract Background Although the renal toxicity of Deferasirox, an oral iron chelator, has been reported to be mild, there have been reports of acute interstitial nephritis or Fanconi syndrome due to this agent. Thin basement membrane disease (TBMD) is a hereditary disease characterized primarily by hematuria, with gross hematuria also observed in about 7% of cases. We herein report a case of TBMD that presented with acute kidney injury and gross hematuria during treatment with Deferasirox. Case presentation The patient was a 63-year-old man who had been diagnosed with myelodysplastic syndrome 6 years ago. He had started taking Deferasirox at 125 mg due to post-transfusion iron overload 6 months ago. Deferasirox was then increased to 1000 mg three months ago. When the serum creatinine level increased, Deferasirox was reduced to 500 mg three weeks before hospitalization. Although the serum creatinine level decreased once, he developed a fever and macroscopic hematuria one week before hospitalization. The serum creatinine level increased again, and Deferasirox was stopped four days before hospitalization. He was admitted for the evaluation of acute kidney injury and gross hematuria. Treatment with temporary hemodialysis was required, and a kidney biopsy was performed on the eighth day of admission. Although there was no major abnormality in the glomeruli, the leakage of red blood cells into the Bowman’s space was observed. Erythrocyte cast formation was observed in the tubular lumen, which was associated with acute tubular necrosis. The results of an electron microscopic study were compatible with TBMD. Conclusion Although Deferasirox is known to be nephrotoxic, gross hematuria is relatively rare. When we encounter a case of acute kidney injury with gross hematuria during treatment with Deferasirox, TBMD should be considered as a possible cause of gross hematuria.
Ayumi Haruki, Eiji Ishikawa, Kan Katayama, Takayasu Ito, Takuya Hiramoto, Mika Fujimoto, Tomohiro Murata, and Masaaki Ito
BMC Nephrology, Vol 19, Iss 1, Pp 1-5 (2018)
Minimal change nephrotic syndrome, Spontaneous remission, Type B influenza infection, Diseases of the genitourinary system. Urology, and RC870-923
Abstract Background While the majority of adult-onset minimal change nephrotic syndrome (MCNS) is a primary or an idiopathic form of disease, it can also occur as a secondary form. Reports on the spontaneous remission of MCNS are rare since the condition is typically treated with corticosteroids. We herein describe the spontaneous remission of adult-onset MCNS in a patient who developed nephrotic syndrome after type B influenza infection. Case presentation A 50-year-old woman experienced fever, cough, malaise, and low back pain, which had persisted for 6 days before she presented to our hospital, and edema of the face and limbs, which had persisted for 5 days before her presentation. She was diagnosed with type B influenza infection and later exhibited an exacerbation of facial edema, decreased urine output, and a high level of proteinuria. She was referred to our department after the diagnosis of nephrotic syndrome. On admission, her proteinuria level was 20.88 g/gCr and her selectivity index value was 0.13. The examination of a kidney biopsy specimen obtained on the fourth day of hospitalization under a light microscope revealed minor abnormalities. An immunofluorescence showed only nonspecific granular IgM deposits in the mesangium. Electron microscopy showed extensive foot process effacement without any immune complex deposits. Based on these findings, the patient was diagnosed with MCNS. After admission, the proteinuria decreased to 0.06 g/gCr with rest and sodium restriction (6 g/day) alone; a complete remission from nephrotic syndrome was observed at approximately 2 weeks after the onset of symptoms. There have been no signs of recurrence of nephrotic syndrome in the one years since. Conclusion We experienced a rare case in which spontaneous remission of MCNS occurred within a short period of 2 weeks after influenza B infection. When patients present with nephrotic syndrome after an infection, it is necessary to consider MCNS in the differential diagnosis, which also includes post-infectious glomerulonephritis and the acute exacerbation of IgA nephropathy.
Yasuo Suzuki, Kan Katayama, Eiji Ishikawa, Shoko Mizoguchi, Keiko Oda, Yosuke Hirabayashi, Ayumi Haruki, Takayasu Ito, Mika Fujimoto, Tomohiro Murata, and Masaaki Ito
BMC Nephrology, Vol 18, Iss 1, Pp 1-6 (2017)
Chronic lymphocytic leukemia, Epithelioid cell granuloma, Interstitial nephritis, Diseases of the genitourinary system. Urology, and RC870-923
Abstract Background Renal failure due to the infiltration of chronic lymphocytic leukemia (CLL) cells into the tubulointerstitial area of the kidney is uncommon. Furthermore, granulomatous interstitial nephritis (GIN) is a rare histological diagnosis in patients undergoing a renal biopsy. We herein report a case of GIN due to the diffuse infiltration of CLL cells in a patient who developed progressive renal failure. Case presentation The patient was a 55-year-old man who had been diagnosed with CLL 4 years earlier and who had been followed up without treatment. Although his serum creatinine level had remained normal for three and a half years, it started to increase in the six months prior to his presentation. A urinalysis showed mild proteinuria without any hematuria at the time of presentation. A renal biopsy revealed the diffuse infiltration of CLL cells into the tubulointerstitial area with non-caseating epithelioid cell granulomas. Despite cyclophosphamide treatment, his renal function did not improve, and he ultimately required maintenance hemodialysis. Conclusion When progressive renal failure is combined with CLL, GIN due to the direct infiltration of CLL cells should be considered as a differential diagnosis.
Proceedings of International Academic Conferences, 2015.
Fisher Hypothesis, Inflation Targeting, and Long Term Interest Rates
This paper examines the validity of the Fisher hypothesis in Sweden by analyzing inflation expectations and long-term interest rates from January 1993 to February 2015 under a regime of inflation targeting. The Fisher hypothesis holds for the maturities of 2, 3, 4, 5, and 7 but not 10 years. The results show that changes in inflation expectations move in the same direction and degree as nominal long-term interest rates for the maturities of 2, 3, 4, 5, and 7 years. This can primarily be attributed to the credibility of the inflation-targeting framework in Sweden for the last 20 years and the success it has achieved in locking inflation expectations into the target range within these maturities. In the maturity of 10 years, this credibility has never been as certain.
In Denmark, monetary policy expectations have some impact on the interbank interest rates in the maturities of one, three and six months. The Danish central bank is successful, to some extent, in influencing the interbank interest rates in the maturities from one to six months through communication with financial markets. But the maturities from nine to 12 months are beyond their control. This fact indicates that market segmentation is observed in the short-term money market in Denmark. The ordinary transmission mechanism of interbank interest rates does not function because of the increased fluctuations in money market rates under a negative interest rate policy. It is therefore suggested that a negative interest rate policy presents complications that could limit policy effectiveness. Negative interest rate policy presents complications that could limit policy effectiveness.
International Journal of Financial Markets and Derivatives, 2017, 6, 1, 1.
interbank interest rate, Malaysia, and monetary policy expectation.
This paper focuses on the monetary policy expectations and transmission role of the yield curve in Malaysia. Bank Negara Malaysia can control interbank interest rates in one- to nine-month maturities through the monetary policy expectations formed in the financial market because the overnight indexed swap (OIS) rate and interbank interest rates are in a one-to-one relationship in these maturities. On the other hand, the impact of monetary policy expectations on the interbank interest rate of one-year maturity is not a one-to-one but 1.390. This may be because certain noises, such as credit risks, are incorporated into the interbank interest rate of one-year maturity.