Reflection #1: It is all about teamwork I believe most university students have heard of, or at least must pretend to have heard of, the name Adam Smith. He is still right on many things. One notable insight he had is the importance of the division of labor.1 It is important in two senses. First, the division of labor within central banks.
Central banks are like sophisticated machines, precisely designed and meticulously executed. The word people at the Bank of Japan frequently use to describe their business operations is kenkakusei, which means firmness and exactness.