Japan’s Monetary Policy Transition, 1955-2005

James Rhodes () and Naoyuki Yoshino ()

No 07-04, GRIPS Discussion Papers from National Graduate Institute for Policy Studies

Abstract: This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative control mechanisms, illuminating, in particular, the important role of the BOJ’s lending guidance (window guidance) in the early periods and financial liberalization in subsequent periods. Monetary policy reaction functions are estimated and used to verify major changes in policy instruments, targets, and indicators.

JEL-codes: E42 E51 E52 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2007-06
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Citations: View citations in EconPapers (1)

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