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Economic Commentary

Beyond Zero: Transparency in the Bank of Japan's Monetary Policy

Japan’s economy has problems that, undoubtedly, are more complex than monetary policy might be expected to solve. But other kinds of policy actions stand a better chance of success when monetary policy is transparent. Transparency means that market participants’ anticipations of central bank actions are congruent with those of policymakers themselves. The Bank of Japan has made repeated efforts toward greater transparency since achieving independence in 1998.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Stevens, Edward. 2001. “Beyond Zero: Transparency in the Bank of Japan's Monetary Policy.” Federal Reserve Bank of Cleveland, Economic Commentary 3/15/2001.