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Japan's Monetary Policy Transition, 1955-2004

  • Naoyuki Yoshino
  • James R. Rhodes

This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative control mechanisms, illuminating, in particular, the important role of the BOJ=s lending guidance (Awindow guidance@) in the early periods and financial liberalization in subsequent periods. Monetary policy reaction functions are estimated and used to identify major changes in policy instruments, targets, and indicators. We analyze the historical behavior of the money multipliers and their components, highlighting reasons for their current depressed state. We conclude with comments on current challenges facing the monetary authorities.

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File URL: http://repec.org/esFEAM04/up.30042.1080738722.pdf
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Paper provided by Econometric Society in its series Econometric Society 2004 Far Eastern Meetings with number 725.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:feam04:725
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  1. Kazuo Ueda, 1993. "A Comparative Perspective on Japanese Monetary Policy: Short-Run Monetary Control and the Transmission Mechanism," NBER Chapters, in: Japanese Monetary Policy, pages 7-30 National Bureau of Economic Research, Inc.
  2. Kunio Okina, 1993. "Market Operations in Japan: Theory and Practice," NBER Chapters, in: Japanese Monetary Policy, pages 31-62 National Bureau of Economic Research, Inc.
  3. Revankar, Nagesh S & Yoshino, Naoyuki, 1990. "An 'Expanded Equation' Approach to Weak-Exogeneity Tests in Structural Systems and a Monetary Application," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 173-77, February.
  4. Kumiharu Shigehara, 1991. "Japan's Experience with Use of Monetary Policy and the Process of Liberalization," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 9(1), pages 1-21, March.
  5. Hiroshi Yoshikawa, 1993. "Monetary Policy and the Real Economy in Japan," NBER Chapters, in: Japanese Monetary Policy, pages 121-159 National Bureau of Economic Research, Inc.
  6. James R. Rhodes & Naoyuki Yoshino, 1999. "Window Guidance By The Bank Of Japan: Was Lending Controlled?," Contemporary Economic Policy, Western Economic Association International, vol. 17(2), pages 166-176, 04.
  7. Bruce Kasman & Anthony P. Rodriques, 1991. "Financial liberalization and monetary control in Japan," Quarterly Review, Federal Reserve Bank of New York, issue Aut, pages 28-46.
  8. Policy Planning Office, 2002. "How Should the Recent Increase in Japan's Monetary Base Be Understood?," Bank of Japan Research Papers 2002-09-05, Bank of Japan.
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