One morning I woke up and found myself as a fund manager. When I assumed this position last July, I was simply told to manage efficiently the Bank of Japan's foreign reserves worth some $40 billion.

As Japan is a large reserve holder, it naturally draws the attention of those who are engaged in asset management business. Some of the overseas visitors to my office seem to believe that Japan discloses very little about how it manages its foreign reserves. However, in an era of transparency of