The framework of MPMs  Monetary policy is deliberated and decided by the Policy Board at MPMs. The Policy Board is composed of nine members: the Governor, the two Deputy Governors including myself, and six other members. Members are all appointed by the Cabinet and approved by the Diet and serve for five-year terms.
Under the old Bank of Japan Law of 1942, the Policy Board consisted of a total of seven members: the Governor, four appointed representatives with outstanding experience in the fields of finance, commerce and industry, and agriculture, and two government representatives without the right to vote.