Through this framework, while price stability remains the primary goal of its monetary policy, the Bank is able to respond flexibly to any excessive accumulation of financial risk. In this regard, the Bank’s monetary policy framework continued to provide appropriate monitoring of financial-sector risks in advance of the outbreak of the current global financial crisis. 2.
In search of best practices in macro-prudential policy  As the experience of the Bank of Japan suggests, there are a number of conditions that should be satisfied in order for macro-prudential policy to be effective. Scope of monitoring – adequate information First of all, I would like to emphasize the importance of both micro- as well as macroinformation in pursuing macro-prudential policy.