The Bank of Japan (BoJ) serves as the central bank of Japan. It is a legal entity established under the Bank of Japan Act of 1882 and operates independently of both government agencies and private corporations. Commonly referred to as Nichigin (日銀), the bank is headquartered in Chūō, Tokyo, and is managed by a group known as “The Policy Board.”

The objectives of the Bank of Japan include: “to issue banknotes and to carry out currency and monetary control” and “to ensure smooth settlement of funds among banks and other financial institutions, thereby contributing to the maintenance of the stability of the financial system.” The Bank of Japan Act also outlines the principle of currency and monetary control, stating that “currency and monetary control by the Bank of Japan shall be aimed at achieving price stability, thereby contributing to the sound development of the national economy.”

The BoJ accomplishes its goals by influencing both short- and long-term interest rates to maintain target levels and by purchasing assets, primarily through open market operations. The Policy Board determines monetary policy during Monetary Policy Meetings (MPMs). During these meetings, the Policy Board reviews the nation’s economic and financial conditions, establishes guidelines for money market operations, and sets the Bank’s monetary policy stance for the near future. MPMs occur eight times a year and last for two days.

Decisions regarding monetary policy are made by a majority vote among the nine members of the Policy Board, which includes the Governor, two Deputy Governors, and six additional members. Following each MPM, the Outlook for Economic Activity and Prices (Outlook Report), also known as “The Bank’s View,” is published. A week later, a Summary of Opinions is released, providing a concise overview of perspectives on economic and financial developments as well as monetary policy. Approximately two months after the MPM, the minutes of the meeting, referred to as the MPM Minutes, are made available.

A schedule of meeting dates, policy statements, meeting minutes, and the Outlook for Economic Activity and Prices (the Outlook Report) can be accessed on the BoJ’s official website.