Bank of Japan (BOJ)
Central Bank of Japan was founded in 1882. It deals with tasks of keeping the financial system of the country stable and its steady economic development.
The ministry of finance watches over the Bank activity. It confirms the Chairman, controls bank activities and gives administrative instructions and orders. One of the main tasks of the bank is to regulate money circulation in the country. In the history of bank one can find examples when the president of the bank did not agree to break the rate of the currency under no circumstances, even under a big oppression of superior officials considering it to be his main duty to keep the national currency and economy stable.
Political Committee of Bank of Japan
Committee is the supreme body of bank management, it was formed in 1949. It deals with key aspects of the bank activity such as setting rates, discounting bills and so on. There is the president at the head of it.
Political Committee determine the policies of the Bank of Japan, it includes 7 members, 5 of them, representatives of regional banks and major industrial groups in Japan have the right to vote. Two members of the Committee are representatives of the Cabinet of Ministers, Minister of Finance and chairman of department of economic planning, have no voting rights.
Board of governors
The real policy is formed by the board of governors that hold meetings every day.
The board of governors includes president and vice-president of the Bank of Japan appointed by the Cabinet of Ministers for 5 years and seven business managers that are appointed by the minister of finance upon president of the bank recommendation. Their term of office lasts for 4 years. One of those managers is Ministry of Finance representative and the other six are cadre bank workers.