The objectives of a central bank are clearly stipulated in the central bank act, and the governor and other central bank executives are appointed according to democratic procedure.
Moreover, it is required by law to disclose the policy decision process of a central bank (Chart 14).7 In the current crisis, central banks around the world including the Bank of Japan have acted extremely vigorously, including taking extraordinary measures in rapid sequence. A series of measures have been substantially effective in stabilizing the crisis.