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Changes concerning Monetary Policy Meetings

April 3, 2001
Bank of Japan

The Bank of Japan has decided at the Policy Board meeting held today to make the following changes concerning Monetary Policy Meetings (MPMs). The changes, effective from the next MPM, are designed to provide sufficient time for Policy Board members to hold extensive discussion and to enable Tokyo's financial markets to digest the decisions reached at the meetings within the day of the meeting as much as possible.

1. Duration of Monetary Policy Meetings

The first MPM of each month will be held over a period of two days. On the first day, the meeting will start in the afternoon and the Bank's staff will present their reports on economic and financial developments. On the second day, the meeting will start in the morning and Policy Board members will discuss economic and financial developments as well as monetary policy and vote on proposals put forward at the meeting. As a result, decisions reached at the first MPM of the month are expected, in most cases, to be made public before 3:00 p.m. The scheduled dates of MPMs for April to September 2001 have been revised (see Attachment 1).

2. Change in the Release Schedule of the Outlook and Risk Assessment of the Economy and Prices

The Bank announced on October 13, 2000 that the Outlook and Risk Assessment of the Economy and Prices (Outlook Report) would be released twice a year in April and October as part of the Monthly Report of Recent Economic and Financial Developments. The Bank has, however, decided to discuss and vote on the Outlook Report separately from the Monthly Report of Recent Economic and Financial Developments, at the second MPM in April and October. Thus, the two reports will be issued independently. The move will help avoid substantial extension of the time required for the first MPM of the month and will give Policy Board members sufficient time to discuss the Outlook Report. The next Outlook Report will be released at 8:50 a.m. on April 26. The"blackout period"--the period during which Policy Board members must refrain from commenting on monetary policy and the monetary and economic situation--for MPMs that discuss the Outlook Report will be in effect until the Outlook Report is released (see Attachment 2).

Attachment 1 : Scheduled Dates of Monetary Policy Meetings in April-September 2001 Revised

The underlined dates are revised dates for MPMs and release of the Monthly Report and MPM Minutes (the crossed-out dates are the dates initially announced on March 19, 2001).

  • Table

The Outlook and Risk Assessment of the Economy and Prices (April 2001) will be released at 8:50 a.m. on Thursday, April 26, 2001.
The Monthly Report and MPM Minutes will be released at 2:00 p.m. on the publication dates above.

Attachment 2 : Revision of the Agreement on Public Comments on Monetary Policy

Policy Board members must, in principle, refrain from making public comments on monetary policy and the monetary and economic situation during the"blackout period." The"blackout period" starts two business days before the day Monetary Policy Meetings (MPMs) are held and lasts until the end of the day (when MPMs are held over a duration of two business days or more, the"blackout period" starts two business days before the first day of the MPM and lasts until the end of the day on which the MPM ends).

At meetings where Policy Board members vote on The Bank's View of recent economic and financial developments or the Outlook and Risk Assessment of the Economy and Prices, the"blackout period" lasts until the report has been reports have been released (in principle, 2:00 p.m. the following business day).

(Deleted words have been crossed out, and added words have been underlined.)