At MPMs, the Governor and the Deputy Governors independently express their assessment of the economic and financial situation and the conduct of monetary policy. Article 23 of the Bank of Japan Law stipulates that the six members other than the Governor and two Deputy Governors be appointed from "among those with academic expertise or experience including experts on the economy or finance."
These members are often mistakenly thought of as working part-time for the Bank, like the members of Government councils who only attend meetings. In fact, they work full-time at the Bank, and perform a wide variety of duties besides attending MPMs, for example, devising measures to maintain an orderly financial system, administering the business operations of the Bank, and strengthening internal management.