, Columnists
How a Central Bank Collided With Industrial Policy
Taiwan’s struggles with energy development forced the hand of a reluctant monetary authority.
Who holds the power?
Photographer: An Rong Xu/BloombergThis article is for subscribers only.
Taiwan’s recent central bank meeting was supposed to be a yawn. The Federal Open Market Committee had kept its benchmark interest rate unchanged hours earlier, reinforcing the belief that the tightening cycle was done. There was every reason to think that Taipei would mirror Washington.
It didn’t.