Review of Monetary Policy from a Broad Perspective
Since the late 1990s, when Japan's economy fell into deflation, achieving price stability has been a challenge for a long period of 25 years. During this period, the Bank has implemented various monetary easing measures. These measures have interacted with and influenced wide areas of Japan's economic activity, prices, and financial sector. With these interactions in mind, in order to further deepen its understanding of monetary policy over this period and gain insights that will be useful for future policy conduct, the Bank decided at its April 2023 Monetary Policy Meeting (MPM) to conduct a review of monetary policy from a broad perspective.
Releases related to the review are provided below.
Announcements concerning the Conduct of the Review
|July 14, 2023||Approach to Conducting the Monetary Policy Review from a Broad Perspective [PDF 288KB]|
|Apr. 28, 2023||Statement on Monetary Policy [PDF 371KB]|
|Sept. 30, 2023||UEDA Kazuo, Governor||"Central Bank Finances and Monetary Policy Conduct" (Speech at the Japan Society of Monetary Economics)|
|Sept. 6, 2023||TAKATA Hajime, Member of the Policy Board||"Economic Activity, Prices, and Monetary Policy in Japan" (Speech at a Meeting with Local Leaders in Yamaguchi)|
|May 19, 2023||UEDA Kazuo, Governor||"Basic Thinking on Monetary Policy and the Outlook for Economic Activity and Prices" (Speech at a Meeting Held by the Naigai Josei Chosa Kai (Research Institute of Japan))|
Research and Studies
In the monetary policy review, the Bank will assess the effects of various unconventional monetary policy measures that have been implemented over the past 25 years in the context of interactions with developments in economic activity and prices at each point in time. In addition, it will analyze the impact of these measures on financial markets and the financial system, including their side effects. The Bank will also deepen its understanding on the background to the effects of these measures, including (1) how various changes in the economic environment since the 1990s -- for example, the globalization of the economy and the declining and aging population in Japan -- have affected factors such as corporate and household behavior and the formation mechanisms of wages and prices and (2) the implications that the effects of these changes have had for monetary policy. It should be noted that the Bank will flexibly consider more specific themes of the analyses during the course of the review.
Releases related to research and studies for the review will be provided as needed in this section.
Exchanging Views and Other Initiatives
In proceeding with the monetary policy review, the Bank will incorporate diverse expertise and take various initiatives with a view to enhancing the review's objectivity and transparency. Specifically, such initiatives include not only internal analyses but also the following: making use of existing series of materials, such as reports and surveys; holding interviews at the Bank's Head Office and branches; exchanging views at meetings with local and business leaders; and inviting public comment concerning its releases. In addition, the Bank will hold workshops involving academics and other experts.
Information on exchanging views and other initiatives for the review will be provided as needed in this section.
|Dec. 1, 2023||Bond Market Survey, Results of Special Survey (November 2023) [PDF 376KB]|
Discussions at the MPMs
Discussions about the monetary policy review at the MPMs are excerpted from the minutes of the meetings and provided on the following page.
Past Releases on the Bank's Assessments etc.
|Mar. 19, 2021||Assessment for Further Effective and Sustainable Monetary Easing [PDF 4,374KB]|
|Apr. 30, 2021||Supplementary Paper Series for the "Assessment" (1): The Effects of the Bank of Japan's ETF Purchases on Risk Premia in the Stock Markets|
|Apr. 30, 2021||Supplementary Paper Series for the "Assessment" (2): Estimating Effects of Expansionary Monetary Policy since the Introduction of Quantitative and Qualitative Monetary Easing (QQE) Using the Macroeconomic Model (Q-JEM)|
|July 13, 2021||Supplementary Paper Series for the "Assessment" (3): Inflation-Overshooting Commitment: An Analysis Using a Macroeconomic Model|
|May 23, 2022||Characteristics of Price Developments in Japan: Summary of the First Workshop on "Issues Surrounding Price Developments during the COVID-19 Pandemic"|
|Aug. 31, 2022||The Phillips Curve and Cost Pass-Through in Japan: Summary of the Second Workshop on "Issues Surrounding Price Developments during the COVID-19 Pandemic"|
|Nov. 30, 2022||Pass-Through of Cost-Push Pressures to Consumer Prices|
|Dec. 8, 2022||Inflation in Japan: Changes during the Pandemic and Issues for the Future|
|Jan. 31, 2023||The Wage Formation Mechanism in Japan: Summary of the Third Workshop on "Issues Surrounding Price Developments during the COVID-19 Pandemic"|
|Mar. 16, 2023||Wage Developments in Japan: Four Key Issues for the Post-COVID-19 Wage Growth|
|June 19, 2023||Heterogeneity and Wage Growth of Full-time Workers in Japan: An Empirical Analysis Using Micro Data|