Changes in the Release Schedule of the Minutes of Monetary Policy Meetings and the Monthly Report of Recent Economic and Financial Developments
September 8, 2000
Bank of Japan
Under the new Bank of Japan Law, the Bank has made continuous efforts to enhance the transparency of monetary policy.Specifically, the Bank has disseminated a large volume and wide variety of information through various channels including releases of the minutes of Monetary Policy Meetings (MPMs) and the Monthly Report of Recent Economic and Financial Developments1; press conferences; speeches; and the Web site.
The Bank reviewed the procedures for MPMs with a view to enhancing transparency about them further.On the basis of the review, the Bank today announces changes in the release schedule of the publications of MPMs.
- A summary of discussions at MPMs is made public in the form of minutes.The Monthly Report is prepared by the Bank's staff for each meeting as the basis for monetary policy decisions.
1. The Minutes of MPMs
The minutes of each meeting will be approved at the first or the second MPM held around one month after the meeting concerned, and released on the third business day after approval.This is a change from the previous practice of approval at the second MPM after the meeting concerned, which resulted in a lapse of two months before the release of the minutes in some cases.
The release schedule of the MPM minutes based on the new arrangement will be announced, together with the schedule for MPMs, at the end of every quarter.See the attachment for the revised release dates for the minutes of the August 11 and September 14 meetings (revised from the original dates announced on June 28, 2000).
The Bank will continue to make efforts to improve the MPM minutes, and will invite the public to send comments on the minutes to its Web site. A new "click-for-comment" facility for e-mail messages to the Bank is provided in each issue of the minutes.
2. The Monthly Report of Recent Economic and Financial Developments
Effective from its September 2000 issue, the full text of the report3 in Japanese and the English translation of The Bank's View are released at 14:00 JST on the next business day after the first MPM of each month (see the attachment for revised release dates).This is a change from the previous practice of releases at 8:50 JST on the second business day after the meeting.In accordance with this change, the "blackout period"4 will be shortened.
- 3The report consists of The Bank's View and The Background.The English translation of The Background is released later in the month.
- 4During the "blackout period," the Policy Board members must refrain from commenting on monetary policy or the monetary and economic situation.The period starts two business days before each MPM and ends either with the release of the Japanese version of the Monthly Report of Recent Economic and Financial Developments prepared for the MPM in the case of the first MPM of each month, or on the day of the MPM in the case of the second MPM.
Attachment : Scheduled Dates of Monetary Policy Meetings in July-December 2000 Revised
Underlined dates are revised release dates for publications (the crossed out are the original dates announced on June 28, 2000).