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December 26, 1997
Bank of Japan
The Bank has been conducting a comprehensive review of the monetary policy decision-making process in view of the aims of the new Bank of Japan Law, which will come into effect on April 1, 1998. Revisions to be made include the commencement of regular Policy Board meetings on monetary policy (Monetary Policy Meetings) and publication of minutes, both of which are to be realized before the new law comes into force. With the recent finalization of government ordinances regarding the implementation of the new law, the Policy Board today decided the new framework of Monetary Policy Meetings set out in the Annex, which will be put into effect in January 1998.
Regularly scheduled Monetary Policy Meetings and publication of minutes are essential to improving the transparency of policy decision-making process, which is one of the most important aims of the new Bank of Japan Law. The Bank believes that the new framework is fully consistent with this aim, and hopes it will contribute to ensuring the credibility of monetary policy management both in the financial markets and among the general public. We at the Bank are strongly determined to continue making every effort to fulfill the goals laid out in the new law.
The Bank of Japan has decided to hold regular Policy Board meetings on monetary policy under the following new framework.
Monetary Policy Meeting (MPM)
Twice a month in principle (around the 10th and 25th of the month)
Schedules will be announced at the end of each quarter, i.e., at the end of March, June, September, and December, for the six months following the month of the announcement. MPMs in January-June 1998 will be held as in the Appendix (scheduled dates for April-June are subject to change).
MPM decisions, including decisions not to change policy, will be announced immediately after each MPM.
The Monthly Report of Recent Economic and Financial Developments will be published two business days after the first MPM of the month. Accordingly, the publications of Monthly Economic Review and Quarterly Economic Outlook will be abolished.
Minutes -- summaries of discussions -- will be submitted for approval to the Policy Board at the second MPM following the MPM concerned (about a month later). They will be released on the third business day after they have been approved by the Policy Board.
Transcripts -- detailed records of discussions -- will be released after a period of time which the new Policy Board, to be established under the new Bank of Japan Law, deems appropriate.
|Date of MPM||Publication of Monthly Report||Publication of MPM Minutes|
|Jan.||16 (Fri.)||20 (Tue.)||Mar. 3 (Tue.)|
|Feb.||13 (Fri.)||17 (Tue.)||Mar. 18 (Wed.)|
|26 (Thu.)||--||Mar. 31 (Tue.)|
|Mar.||13 (Fri.)||17 (Tue.)||Apr. 14 (Tue.)|
|26 (Thu.)||--||Apr. 30 (Thu.)|
|Apr.||9 (Thu.)||13 (Mon.)||May 22 (Fri.)|
|24 (Fri.)||--||June 17 (Wed.)|
|May||19 (Tue.)||21 (Thu.)||June 30 (Tue.)|
|June||12 (Fri.)||16 (Tue.)||To be announced|
|25 (Thu.)||--||To be announced|
Note: The schedule for April -June is provisional.