I believe a good track record will be won by calmly evaluating economic and financial conditions, fully explaining decisions and implementing them, and giving due consideration to constructive criticism from those who know the importance of having a central bank which can be trusted.
BIS Review 63/2000  8  Chart 1 Interest rates (1) Short-Term  %  6  Monthly  Daily  Call rates(overnight, uncollateralized) Euro-yen futures(3-month) CD rates(3-month)  5  4  3  2  1 Official discount rate  0 CY  92  93  94  95  96  97  98  99  00 11 12 1 CY99  2  3  4  5  6  7 00  8  August 3 Euro-yen futures 0.360% CD rates 0.11% Call rates 0.02%  (2) Long-Term 6.0  %  Daily  Monthly  5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0  August 3 1.675%  Government bond yield (10-year)  1.5 1.0 0.5 CY  92  93  94  95  96  97  98  99  00  11 12 1  2  3  4  5  CY99  6  7  8  00  Sources: Bank of Japan; Tokyo International Financial Futures Exchange; Japan Bond Trading Co., Ltd. 9  BIS Review 63/2000  Chart 2 Economic developments  Around Feb. 1999  • Real GDP  -0.4%  (changes from a year earlier)  Recent →  (1999/Q1)  • Domestic Private Demand  -2.0%  (changes from a year earlier)  (2000/Q1)  →  (1999/Q1)  • Industrial Production  -3.8%  (changes from a year earlier)  -44  (DI; “favorable”-“unfavorable”)  →  -2.1%  (changes from a year earlier)  (1999/Q1)  • Consumer Price Index  -0.1%  (excluding perishables, changes from a year earlier)  +7.0% (2000/Q2)  →  (1999/Mar.)