Downs Mulder has worked for the organization since 2008. She most recently has been vice president of product and design, a business-side role involving digital operations. She previously was in charge of The Post’s graphics department.

At 36, she is one of the youngest people named managing editor in The Post’s 143-year history. The position is one of four deputies to Executive Editor Martin Baron. Her appointment continues a reshaping of The Post’s top editorial ranks over the past three months.

She is the third woman among the news organization’s four managing editors. In July, Baron named Krissah Thompson to serve as managing editor for diversity and inclusion, a new position created in the wake of nationwide protests over racial inequities and a broad reassessment by news organizations of their diversity in staffing and news coverage. Downs Mulder and Thompson join Tracy Grant, who has been managing editor for staff development and standards since 2018. The fourth managing editor is Cameron Barr, who supervises The Post’s eight news and feature departments.

In a staff announcement, Baron wrote that Downs Mulder “will lead our efforts to innovate in a rapidly changing digital landscape and to guide the newsroom through a dramatic evolution in storytelling forms and in how the public consumes information.”

He said Downs Mulder, as graphics director, “moved the department from its print orientation to an intense digital focus, promoting original visual reporting, creative storytelling that fuses the powerful tools now at our disposal, and presentations tailored to mobile and social platforms,” including work that contributed to three Pulitzer Prizes.

“Few in our organization,” Baron wrote, “have the breadth and depth of her digital experience.”

In an interview, Downs Mulder said, “Our subscriber growth has been strong, and my job will be to build on that success to draw

By Leika Kihara and Takahiko Wada

TOKYO, Oct 12 (Reuters)Japan must swiftly revise laws to allow the central bank to issue a digital currency, a move that could provide a chance to reform the Bank of Japan’s existing mandates and enshrine its inflation target, a senior ruling party official said on Monday.

Kozo Yamamoto, head of the Liberal Democratic Party’s (LDP) council on financial affairs, said the BOJ risked being overtaken by private players who could launch their own digital currencies that could undermine the yen.

“If something too convenient pops up from the private sector, people might start to doubt whether they need yen as a currency unit. We must prevent this from happening,” he said. “This is fundamentally about protecting Japan’s currency sovereignty.

Yamamoto said he would prod the government and relevant agencies to speed up efforts to draft a revised BOJ law and other necessary legislation for issuing central bank digital currencies (CBDC).

However, more broadly, Yamamoto has been a vocal advocate of making changes to the BOJ law, which sets out the central bank’s mandates.

Revising the law to include digital currencies would also present a good opportunity to make other changes such as adding an inflation target and job creation to the mandates, much like the U.S. Federal Reserve, he added.

“The new law should also clarify that 2% inflation is the BOJ’s policy target,” he told Reuters.

The BOJ does currently set 2% as its inflation target, introduced in 2013. But the target is not stipulated under the BOJ law, which says only that its role is to ensure Japan’s price moves and financial system are stable.

Central banks globally have been reviewing their strategic goals, with the European Central Bank widely expected to follow in the footsteps

Friday's report was compiled by BIS, the Bank of England, the U.S. Federal Reserve, Bank of Canada, Bank of Japan, the European Central Bank, Sveriges Riksbank and the Swiss National Bank. File Photo by Canadastock/Shutterstock/UPI

Friday’s report was compiled by BIS, the Bank of England, the U.S. Federal Reserve, Bank of Canada, Bank of Japan, the European Central Bank, Sveriges Riksbank and the Swiss National Bank. File Photo by Canadastock/Shutterstock/UPI

Oct. 9 (UPI) — The Bank of International Settlements and seven central banks around the world published a report Friday that set a framework for a digital currency to work in conjunction with paper money.

The report highlights three key elements of the proposal — cryptocurrency coexisting with cash in a flexible payment system, supporting wider policy objectives and promoting innovation and efficiency.

“This report is a real step forward for this group of central banks in agreeing on the common principles and identifying the key features we believe would be needed for a workable [central bank digitalcurrency] system,” Jon Cunliffe, the deputy governor for the Bank of England, said in a statement.

Along with BIS and Bank of England, the report was compiled by the U.S. Federal Reserve, Bank of Canada, Bank of Japan, the European Central Bank, Sveriges Riksbank and the Swiss National Bank.

The institutions said the core features of the digital currencies are that they will be resilient and secure to maintain operational integrity, convenient and available at a low or no cost to end-users, underpinned by appropriate standards and a clear legal framework and have an appropriate role for the private sector.

“While technology is changing the way we pay, central banks have a duty to safeguard people’s trust in our money,” European Central Bank President Christine Lagarde said.

“Central banks must complement their domestic efforts with close cooperation to guide the exploration of central bank digital currencies to identify reliable principles and encourage innovation.”

The report follows years of growing staying power among cryptocurrencies like Bitcoin and Facebook’s Libra.

(Bloomberg) — The Bank of Japan said it aims to start early phase experiments next year on issuing a digital currency in order to be ready should demand for one rise quickly.



a group of people walking on a city street: Pedestrians walk past the Bank of Japan (BOJ) headquarters at dusk in Tokyo, Japan, on Monday, Sept. 14, 2020. The Bank of Japan left its bond-purchase amount unchanged at a regular operation on Monday.


© Bloomberg
Pedestrians walk past the Bank of Japan (BOJ) headquarters at dusk in Tokyo, Japan, on Monday, Sept. 14, 2020. The Bank of Japan left its bond-purchase amount unchanged at a regular operation on Monday.

“From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, the bank considers it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner,” the BOJ said in a report released Friday.

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While the BOJ reiterated it has no immediate plans to issue a digital currency, today’s report suggests it is trying to keep up with peers including the People’s Bank of China, which has been studying the topic for years and in April gave the green light for some lenders to conduct internal, hypothetical-use tests of a digital yuan.

Read More: Japan Seen Needing U.S. Help to Check China’s Digital Yuan

Japan’s Finance Minister Taro Aso in February expressed concern over China’s ambitions and senior ruling party lawmaker said a digital yuan would be a challenge to the existing global reserve currency system.

Most central banks that have been looking at the issue of digital currencies are treating it with caution because the risks of getting things wrong are significant. Depending on the model of central bank digital currency, authorities risk either cutting out commercial banks, a vital funding source for the real economy, or assuming the direct risks and complications of being in the banking business.

Video: Consumer sector to remain China’s key focus in the upcoming five-year plan: Analyst (CNBC)

Consumer sector to remain China’s key focus

LONDON (Reuters) – A group of seven major central banks including the U.S. Federal Reserve set out on Friday how a digital currency could look like to help catch up with China’s “trail blazing” and leapfrog private projects like Facebook Inc’s FB.O Libra stablecoin.

Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China’s flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/Illustration/Files

The central banks and the Bank for International Settlements (BIS), said core features should include resilience, availability at low or no cost, appropriate standards and clear legal framework, and an appropriate role for the private sector.

Bank of England (BoE) Deputy Governor and chair of a BIS committee on payments Jon Cunliffe said the rise in cashless payments since lockdowns to fight the pandemic has accelerated how technology is changing forms of money.

Central banks began looking closely at digital currencies after Facebook last year announced its yet-to-be-launched digital token Libra that would be backed by a mixture of major currencies and government debt. The body behind Libra has since tweaked plans and now hopes to launch several “stablecoins” backed by individual currencies.

Central banks need to keep up to avoid the private sector plugging payments gaps in unsuitable ways, Cunliffe said.

Besides the Fed and the BoE, the seven central banks that have teamed up with the BIS include the European Central Bank, the Swiss National Bank and Bank of Japan, but not the People’s Bank of China.

China is already piloting a digital renminbi, with the PBOC saying it would boost the yuan’s reach in a world currently dominated by the dollar.

Japan’s top financial diplomat, Kenji Okamura, said on Thursday that China was seeking to win a first-mover advantage in building its own