d.  Exact pace and content of capital account liberalisation will depend upon the future events, but the regulatory regime has to be clear and transparent. A regulatory regime that creates uncertainty and obfuscates imposes tremendous cost on the economy and the society. e.  Finally, the issue of fair pricing.
At the MPMs held in July and January, three months after the release of the Outlook Reports, the Policy Board examines possible deviations from the scenario presented in the Outlook Reports. The Bank’s recent assessment of the Japanese economy was that it still showed signs of a moderate recovery, but the recovery seemed to be pausing.