The new Bank of Japan Law stipulates that the Bank, which has been given independence to conduct monetary policy at it own discretion, must make efforts to be more accountable for its decision. We think that the greater the public understanding of the thinking behind monetary policy, the more effective that monetary policy will be.
Bearing these points in mind, the Bank made two major decisions to enhance the transparency of monetary policy at the Monetary Policy Meeting in October. First, measures were taken to provide the public with a lucid explanation of the Bank’s evaluation of economic and price developments in a timely manner.