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The New Policy Framework of the Bank of Japan: Central Banking in an Uncertain World


  • Kiyohiko G. Nishimura

    (Bank of Japan, 2-1-1 Nihonbashi-Hongokucho Chuo-Ku, Tokyo 103-8660 Japan)


When the Bank of Japan ended its Quantitative Easing Policy on 9 March 2006, it also issued a document entitled "The Introduction of a New Framework for the Conduct of Monetary Policy" to explain its policy stance. "Fundamental uncertainty" (the existence of "unknown unknowns") is the most important consideration in this New Policy Framework. The Framework has two basic principles: a Two-Perspective Strategy and the collective wisdom of "agreeing to disagree." (c) 2007 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

Suggested Citation

  • Kiyohiko G. Nishimura, 2007. "The New Policy Framework of the Bank of Japan: Central Banking in an Uncertain World," Asian Economic Papers, MIT Press, vol. 6(3), pages 132-143, Fall.
  • Handle: RePEc:tpr:asiaec:v:6:y:2007:i:3:p:132-143

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    References listed on IDEAS

    1. Jacob Gyntelberg & Guonan Ma & Eli M Remolona, 2005. "Corporate bond markets in Asia," BIS Quarterly Review, Bank for International Settlements, December.
    2. Mitchel Y. Abolafia (ed.), 2005. "Markets," Books, Edward Elgar Publishing, number 2788.
    3. William R. White, 2004. "Are changes in financial structure extending safety nets?," BIS Working Papers 145, Bank for International Settlements.
    4. Robert N McCauley, 2003. "Unifying government bond markets in East Asia," BIS Quarterly Review, Bank for International Settlements, December.
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