Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The size of Bank of Japan's balance sheet is fast approaching Japan's GDP, as BoJ has spent more than a year buying up government debt (primarily to meet a 2% inflation target). For context, the Federal Reserve balance sheet represents less than one quarter of U.S. GDP.

Expand chart
Data: GDP from Japan Cabinet Office, seasonally adjusted. Bank of Japan assets from Bank of Japan, not seasonally adjusted. Both retrieved from Federal Reserve Bank of St. Louis; Chart: Andrew Witherspoon / Axios

Why it matters: Local economists to worry about what will happen to BoJ when long-term interest rates eventually begin to rise, lowering the value of the central bank's holdings but spiking its interest rate payments. And while we don't yet have Q3 GDP data for Japan, we do know that BoJ assets continued to grow.

Go deeper

Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: New coronavirus cases down, but more bad news ahead — Fighting COVID-19's effects on gender equality.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: NYC postpones vaccine appointments following shipment delays — Private companies step in to fill vaccine logistics vacuum.
  4. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.
Updated 46 mins ago - Politics & Policy

Congress grants waiver for retired Gen. Lloyd Austin to lead Pentagon

Defense Secretary nominee Lloyd Austin. Photo: Chip Somodevilla/Getty Images

Both chambers of Congress on Thursday voted to grant retired Gen. Lloyd Austin a waiver to lead the Pentagon, clearing the path to confirmation for President Biden's nominee for defense secretary.

Why it matters: Austin's nomination received pushback from some lawmakers, including Democrats, who cited a law that requires officers be out of the military for at least seven years before taking the job — a statute intended to reinforce the tradition of civilian control of the Pentagon.

McConnell proposes February impeachment trial

Sen. Mitch McConnell Photo: Kevin Dietsch-Pool/Getty Images

Senate Minority Leader Mitch McConnell (R-Ky.) is proposing that the impeachment trial of former President Trump begin in mid-February to allow for "due process."

Why it matters: The impeachment trial is likely to grind other Senate business to a halt, including the confirmation process for President Biden's Cabinet nominees.