BIS Review 32/2007  fall in crude oil prices, we should note the consequential improvement in Japan's terms of trade and concomitant decrease in the amount of wealth transferred to oil-producing countries, which will boost private consumption in Japan by improving households' real income through higher corporate profits and lower prices. 2  III.
Decision at the MPM in February  Based on the "New Framework for the Conduct of Monetary Policy" announced in March 2006, the Bank examines future risks from two perspectives. The first perspective examines the prospects as well as risks for the economy and prices basically within a projection period of one and a half to two years.