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1、TEXTTheBankofJapan,whichtracesitshistoryback116years,iscurrentlyinthemidstofamajortransformation.WiththeenforcementoftheamendedBankofJapanLawthisApril,theBOJwillreceivelegalbackinginlinewithglobalstandardsforautonomyandtransparency,elementsofgreatimportancefo
2、racentralbank.WithalineupofnewfacesonthePolicyBoard,theBankisnowtryingtoachieveitsparamountgoalsofpricestabilityandmaintainingasecurecreditsystem.ThisarticlewillexaminethenewlytransformedBOJ.KeyWords:AutonomyandTransparencyNewBOJDeputyGovernorFujiwaraSakuyaas
3、sumedhispostonMarch20.“Inautonomy,”hestatedatanewsUnitEight WindsofChangeatBOJconferenceheldthatday,“ourmodelisGermany’sBundesbank,andintransparency,itistheUnitedStatesFederalReserveBoard［theFed］.”Itwouldbenooverstatementtosaythatthesewordsfairlyarticulatethe
4、idealssoughtunderthenewlyamendedBankofJapanLaw.ThekeywordsofthenewlytransformedBOJarethus“autonomy”and“transparency.”TheoriginalBankofJapanLawwasenactedin1942,inthemidstofWorldWarII.ThelawcontainedaprovisionwhichchargedtheBOJwith“monetarycontrolaswellasmainte
5、nanceandnurturingofthecreditsysteminaccordancewithstatepolicyforthepurposeofappropriatelymanifestingnationaleconomicpower.”Thelawalsocontainedaprovisionstatingthat“theBankmustbeoperatedwiththemissionofachievingsolelythepurposesofthestate.”UnitEight WindsofCha
6、ngeatBOJInshort,thelawessentiallystatedtheBank’spurposeassupporting,inthespheresofmonetaryandcurrencypolicy,agovernmentengagedinprosecutingawar.Thelawisthuscompletelyunsuitedtopresent-dayconditionsinJapan.“Autonomy”referstotheexecutionofmonetarypolicyindepend
7、entlyfrompoliticsandthebureaucracy,while“transparency”meanstheefforttodiscloseinformationsuchthatthebankneverbecomesapoweruntoitself.Theseconditionsareessentialinwinningconfidencefromthemarket.IthardlybearsmentionthattheoldBankofJapanLaw,enactedasitwasmoretha
8、nhalfacenturyagoduringwartime,wasinadequateinachievingtheseends.TheBank’sdeficientautonomyinparticularwasafatalflaw,withtheBOJbeingtreatedaslittlemorethananarmoftheMinistryofFinance(MOF)a
