Technological innovation and the Bank of Japan  A. Changes brought about by technological innovation  Central bank functions, which we have just looked at, have differed from country to country and from time to time, but are now well established in the major countries. However, the specifics of central banking operations enabling central banks to fulfill their role have been changing continually.
Especially in recent years, the environment surrounding central banks has altered significantly and rapidly through economic globalization, the globalization of financial markets, and advances in financial engineering techniques such as those in the field of derivatives. These changes have been driven by technological innovation particularly in information and communications technology.