Skip to main content

Review of Monetary Policy from a Broad Perspective

日本語

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

Table : Announcements concerning the Conduct of the Review
Date Title
July 14, 2023 Approach to Conducting the Monetary Policy Review from a Broad Perspective [PDF 288KB]
Apr. 28, 2023 Statement on Monetary Policy 

Speeches

Table : Speeches
Date Speaker Title
May  27, 2024 UCHIDA Shinichi, Deputy Governor "Price Dynamics in Japan over the Past 25 Years" (Keynote Speech at the 2024 BOJ-IMES Conference Hosted by the Institute for Monetary and Economic Studies, Bank of Japan) 
May  27, 2024 UEDA Kazuo, Governor Opening Remarks at the 2024 BOJ-IMES Conference Hosted by the Institute for Monetary and Economic Studies, Bank of Japan 
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.

Table : Research and Studies
Date Title
May  24, 2024 Assessing Measures of Inflation Expectations: A Term Structure and Forecasting Power Perspective 
Apr. 26, 2024 Japan's Inflation under Global Inflation Synchronization 
Apr.  8, 2024 Aggregate Implications of Changing Industrial Trends in Japan 
Mar. 25, 2024 Changes in the Global Economic Landscape and Issues for Japan's Economy 
Dec. 12, 2023 Central Bank Finances and Monetary Policy Conduct 

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.

Table : Exchanging Views and Other Initiatives
Date Title
Mar. 11, 2024 The Effects and Side Effects of Unconventional Monetary Policy: Summary of the First Workshop on the "Review of Monetary Policy from a Broad Perspective" 
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.

Comprehensive Assessment(September 2016)
Date Title
Sept. 21, 2016 Comprehensive Assessment: Developments in Economic Activity and Prices as well as Policy Effects since the Introduction of Quantitative and Qualitative Monetary Easing (QQE) [PDF 812KB]  
Oct. 14, 2016 Supplementary Paper Series for the "Comprehensive Assessment" (1): Developments in Inflation Expectations over the Three Years since the Introduction of Quantitative and Qualitative Monetary Easing (QQE)  
Oct. 18, 2016 Supplementary Paper Series for the "Comprehensive Assessment" (2): Developments in the Natural Rate of Interest in Japan  
Nov.  7, 2016 Supplementary Paper Series for the "Comprehensive Assessment" (3): Policy Effects since the Introduction of Quantitative and Qualitative Monetary Easing (QQE) -- Assessment Based on the Bank of Japan's Large-scale Macroeconomic Model (Q-JEM) --  
July 28, 2017 Supplementary Paper Series for the "Comprehensive Assessment" (4): Why Did the BOJ Not Achieve the 2 Percent Inflation Target with a Time Horizon of About Two Years? -- Examination by Time Series Analysis --  
Assessment for Further Effective and Sustainable Monetary Easing (March 2021)
Date Title
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  
Workshops on "Issues Surrounding Price Developments during the COVID-19 Pandemic" (March, May, and November 2022)
Date Title
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  

Inquiries

E-mail: bpreview-opinion@boj.or.jp