Kazumasa Iwata: Transparency and communication policy in Japan Summary of a speech given by Mr Kazumasa Iwata, Deputy Governor of the Bank of Japan, at the Panel Session "Recent and Prospective Developments in Monetary Policy Transparency and Communications: A Global Perspective," at the Allied Social Science Associations Annual Meeting, New Orleans, 5 January 2008. *  *  *  Introduction 1.
Following the introduction of the new Bank of Japan Law in 1998, the Bank's de-jure independence has been significantly strengthened. The Board members can be confident of making decisions independent of interference from outside the Bank, although the rationale, the process and the consequences of those decisions are exposed to the critical eye of the media, the BOJ-watchers and the politicians.