Beyond Zero: Transparency in the Bank of Japan's Monetary Policy. From: Economic Commentary (Cleveland) | Date: March 15, 2001| Author: Stevens, Ed | COPYRIGHT 2001 Federal Reserve Bank of Cleveland. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Japan's economy has problems that, undoubtedly, are more complex than monetary policy might be expected to solve. But other kinds of policy actions stand a better chance of success when monetary policy is transparent. Transparency means that market participants' anticipations of central bank actions are congruent with those of policymakers themselves. The Bank of Japan has made repeated efforts toward greater transparency since achieving independence in 1998.

The Bank of...

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