That people are more concerned about short-term economic conditions than the future is a key reason for which central banks are granted independence, said Masaaki Shirakawa, the governor of the Bank of Japan, in a lecture to the University of Tokyo's law faculty published on Monday.

However, "they are also equipped with wisdom that allows them to establish a system in advance to avoid a situation that is undesirable from a medium- to long-term perspective," he said, explaining that this why