BOJ to use its policy tools to impact on the factors forming the interest.The work of operating the monetary policy of the Central Bank of Japan (BOJ) was made based on the law on the Central Bank of Japan aims to achieve the goal of price stability and financial system, thereby contributing to the development of the national economy in a healthy way.BOJ monetary policy operating independently of the GovernmentIn many countries, the Government has been intervening in monetary policy decisions or strong influence to the Central Bank's decision to serve the objective of the Government's economic growth. However, this goal often cause conflicts with the objective of price stability the Central Bank. A look back at the history of the Central Bank, the monetary policy is usually done under the pressure of inflation. In fact, there are a number of cases shows that the increase in the release of funds from the Central Bank to cover Government spending has brought the inflation burden. Based on the experience of handling inflation, monetary policy should be made based on the perspective of controlling inflation in the medium-long term but did not affect the short-term benefits. Consequently, since 1990, many central banks around the world independently of the Government to conduct monetary policy.This point was noted in the Central Bank of Japan Law (article 3, paragraph 1): "BOJ's autonomy with regard to the issues related to currency and monetary control must be respected". The arrangements to ensure the autonomy of the BOJ is expressed through rules such as: (i) the official term of the BOJ policy Committee members, including the Governor of the BOJ is 5 years (article 24). And BOJ policy Committee is held to the highest decision of the Central Bank; (ii) Policy Committee members will not be fired because they have a different opinion with the Government (article 25); (iii) the cost of operation of the BOJ was the Minister of finance through and are limited to those costs that have been detailed in the list of the order of the Cabinet expenditure, not to hinder the work of currency and monetary control (article 51); (iv) article 5 of the law on public finance prohibits BOJ directly guaranteed government bonds.
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