Refining the BoJ’s operating model
The Bank of Japan's (BoJ) operating model of monetary policymaking was inaugurated in 2006 and has been refined since then.
It aims at delivering macroeconomic and financial stability, in which price stability is one element.
The analysis leading to monetary policy decisions embodies two perspectives: first, the outlook for prices, the real economy and the output gap over a two-to-three year horizon; secondly, the monitoring of internal financial imbalances, leverage of financial and non
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