The transparency of monetary policy is, after all, nothing more than clarifying what monetary policy is aiming at, and disclosing, to the extent possible, the overall judgment of the central bank with respect to current and future economic and financial conditions. With respect to the former, the new Bank of Japan Law clearly stipulates that price stability is the objective of monetary policy.
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.