The Bank of Japan, as the central bank of Japan, decides and implements monetary policy with the aim of maintaining price stability.
Price stability is important because it provides the foundation for the nation's economic activity.
In implementing monetary policy, the Bank influences the formation of interest rates for the purpose of currency and monetary control, by means of its operational instruments, such as money market operations.
The basic stance for monetary policy is decided by the Policy Board at Monetary Policy Meetings (MPMs). At MPMs, the Policy Board discusses the economic and financial situation, decides the guideline for money market operations and the Bank's monetary policy stance for the immediate future, and announces decisions immediately after the meeting concerned. The Bank sets the amount of daily money market operations and chooses types of operational instruments, and provides and absorbs funds in the market.
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