Japan's monetary policy is determined by the Bank's highest decision-making body, the Policy Board. In this regard, there are two important points to note. First, the Bank is independent from the Government and solely responsible for monetary policy. And second, monetary policy is decided by vote by a policy board made up of nine members.
In practice, it would appear that such responsiveness has not increased over the last decade, while empirical evidence supporting a growing role of global measures of economic slack in the inflation process of the euro area and other advanced economies has been limited.