Masaaki Shirakawa on his ‘unease’ about 2% inflation targets and lessons from Japan

Former BoJ head speaks about the need to understand banking, make contingency plans and current policy constraints

Credit: Lucy Stewart

You held a number of positions at the Bank of Japan (BoJ) working in different areas well beyond monetary policy. How much importance do you place on central bankers understanding ‘the business’ of central banking, rather than just monetary theory?

Knowing the central bank business is quite important. I have some unease with a recent tendency for the debate on monetary policy to dominate the debate on central banking, or monetary policy becoming synonymous with central banking. A central bank is

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account