Establishment of the Year 2000 Steering Group
Bank of Japan
The Bank of Japan has established a Year 2000 Steering Group to prepare for Year 2000-related contingencies. It consists of Executive Directors, Directors, and Advisers to the Governor of the relevant offices and departments of the Bank. The Group is chaired by Deputy Governor Yutaka Yamaguchi.
Through the Group's activities, the Bank will continue to encourage Year 2000 preparations, particularly contingency planning, of individual financial institutions and payment and settlement systems, as the Bank recognizes that it is crucial for these organizations to be ready for the year 2000.
The Bank's actions on the Year 2000 problem
The Bank of Japan has been working to promote Year 2000 readiness of Japan's financial institutions. The Bank's main efforts have been focused on the following:
- Ensuring that Japan's financial institutions give a high level of attention to the Year 2000 problem and disseminating information on their Year 2000 readiness
The Bank published its brochure Year 2000 Readiness in the Financial Industry in Japan in August 1998 and issued Guidance on Cooperation with Service Providers and Vendors in Addressing the Year 2000 Problem in December 1998.
- Promoting industry-wide testing for the Year 2000 problem
In December 1998, Japan's major payment and settlement systems, including the BOJ-NET, conducted the first external test (industry-wide test) for the Year 2000 problem. The test results indicated that payment and settlement systems and financial institutions were adequately addressing the Year 2000 problem. Similar tests will be conducted in February, May, and June this year.
- Promoting contingency planning
The Bank issued Guidance on Year 2000 Contingency Planning in December 1998 to encourage contingency planning by financial institutions. The Guidance was sent to financial institutions with the current accounts at the Bank and to various financial organizations.