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 (the Review). It published a final report on the results of the Review, after its December 2024 MPM.
Releases related to the Review are provided below.
- Final Report: Review of Monetary Policy from a Broad Perspective
- Speeches
- Research and Studies
- Exchanging Views and Other Initiatives
- Discussions at the MPMs
- Announcements concerning the Conduct of the Review
- Past Releases on the Bank's Assessments etc.
Final Report: Review of Monetary Policy from a Broad Perspective
| Date | Title |
|---|---|
| Dec. 19, 2024 | (Reference) Review of Monetary Policy from a Broad Perspective: Summary (Updated on February 13, 2025) [PDF 233KB] |
| Dec. 19, 2024 | Review of Monetary Policy from a Broad Perspective (Updated on February 13, 2025) [PDF 8,374KB] |
| Dec. 19, 2024 | Statement on Monetary Policy [PDF 444KB] |
Speeches
Research and Studies
In the Review, the Bank assessed the effects of various unconventional monetary policy measures 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 analyzed the impact, including the side effects, on financial markets and the financial system. The Bank also considered (1) the background to the effects of these measures, including 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 -- 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 had for monetary policy.
Releases related to research and studies for the Review are provided in this section.
Exchanging Views and Other Initiatives
In proceeding with the Review, the Bank not only worked on relevant analyses but also included various outreach initiatives, in order to incorporate a wide range of external expertise and to enhance the objectivity and transparency of the Review. These initiatives included surveys and interviews with households, firms, and financial institutions; exchanges of views on occasions such as meetings of the Bank's Policy Board members with local and business leaders; workshops involving experts from home and abroad; and "Public Consultation" via the internet and by mail. Moreover, prior to the release of the final report, the Bank asked academic experts to provide commentaries on the results of the Review. The commentaries are included in the report.
Information on exchanging views and other initiatives for the Review is provided in this section.
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.
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 |
Past Releases on the Bank's Assessments etc.
| 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 |
| 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 |