Kanda, Hideki; Yamanaka, Toshiaki --- "Central banking in Japan" [2018] ELECD 317; in Conti-Brown, Peter; Lastra, M. Rosa (eds), "Research Handbook on Central Banking" (Edward Elgar Publishing, 2018) 53

Book Title: Research Handbook on Central Banking

Editor(s): Conti-Brown, Peter; Lastra, M. Rosa

Publisher: Edward Elgar Publishing

ISBN: 9781784719210

Section: Chapter 4

Section Title: Central banking in Japan

Author(s): Kanda, Hideki; Yamanaka, Toshiaki

Number of pages: 15

Abstract/Description:

This chapter examines the governance structure of the Bank of Japan ("BOJ"), the central bank in Japan, and the legal setting for the BOJ's monetary and prudential policies. It describes the BOJ's unconventional monetary policies and power to undertake on-site examinations of financial institutions. The Bank of Japan Act was substantially amended and modernized in 1997, and under this new regime, the BOJ has been implementing a series of unconventional monetary policies from 1999 to present; Zero Interest Rate Policy (1999–2000), Quantitative Easing Policy (2001–2006), and Quantitative and Qualitative Easing Policy (2013–present). How legal settings for the central bank interact with the bank's monetary and prudential policies continues to be a topic of academic inquiry, and calls for further research.