With respect to the latter, the Bank has been trying to explain its overall judgment as clearly as possible in its Monthly Report on Recent Economic and Financial Developments and minutes of Monetary Policy Meetings. Such disclosure is stipulated in the new Bank of Japan Law.
We thus believe that the transparency of monetary policy has been considerably enhanced compared with the situation under the old law. At the same time, we should be well aware that behind the heated discussion on inflation targeting, market participants and the public are calling for more transparency with respect to monetary policy.