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Japan's approach to monetary policy

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  • Giovanni P. Olivei

Abstract

The goal of monetary policy as conducted by the Bank of Japan is to contribute to the sound development of the national economy through the pursuit of price stability. The objective of price stability, however, is not precisely defined as it has been for other central banks. Following the implementation of the new Bank of Japan Law in 1998, the monetary policy framework is characterized by central bank independence, the primacy of the price stability objective, instrument independence, and policy decisions made by a monetary policy committee with regular meetings and published minutes. At its meetings, the monetary policy committee discusses the economic and financial situation and then decides matters relating to monetary policy, including the following: the guideline for money market operations; the official discount rate; reserve requirements ratios; the Bank's view of economic and financial developments; and the types, terms, and conditions of bills and bonds used in money market operations.

Suggested Citation

  • Giovanni P. Olivei, 2002. "Japan's approach to monetary policy," New England Economic Review, Federal Reserve Bank of Boston, issue Q 2, pages 39-43.
    • Handle: RePEc:fip:fedbne:y:2002:i:q2:p:39-43
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    File URL: http://www.bostonfed.org/economic/neer/neer2002/neer202i.pdf
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    References listed on IDEAS

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    Cited by:

    1. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.
    2. Petra Gerlach-Kristen, 2007. "Three aspects of the Swiss term structure: an empirical survey," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(2), pages 221-240, June.

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