The law, stipulated in 1942, has been one of the rules and regulations constituting the basis of the old regime which has affected the country’s economic policy management for the past 50 years. This is why much international attention is now focused on the reform of the central bank system in Japan.
In order for the central bank to achieve its missions, improvement of the institutional framework is necessary, but what is more important is that the Bank manages its policy and operations with due responsibility.