The Bank of Japan (BoJ) is the central bank of Japan. The BoJ is active in setting the monetary policy of the country. This means that it has full control of the money supply, interest rates and many other aspects of the economy. The Bank of Japan was established on the 10th of January, 1882. It replaced the Dai-Ichi Kangyo Bank which was founded in 1882. The Bank of Japan has had a number of important roles in the history of Japan. It helped in balancing the economy after World WarII. It also helped in the introduction of a new currency, the Yen. The Bank of Japan is an important part of the Japanese banking system. It acts like a central bank and supervises commercial banks in the same manner as a central bank.The Bank of Japan has three main objectives when it comes to monetary policy. These include;1- the price stability,2- the enhancement of the international competitiveness of Japanese exports and3- the long-term stability of the national economy.The Bank of Japan has its headquarters in Tokyo, Japan. It is headed by a Governor (currently Masaaki Shirakawa), who is appointed by the Prime Minister for a term of four years. The BoJ also has a Deputy Governor(currently Hiroshi Nakaso) who is also appointed by the Prime Minister for a term of four years. The Governor and the Deputy Governor are responsible for the day to day operations of the Bank of Japan.The Bank of Japan has six departments. These include:1 - the Department of International Affairs,2- the Department of Banking Operations,3- the Department of Financial Services,4- the Department of Statistics5- the Department of General Affairs6- the Financial Printing Center.The Bank of Japan also has 7 branches outside Tokyo. These include:1- The Osaka Branch,2- The Fukuoka Branch,3- The Nagoya Branch,4- The Kyoto Branch,5- The Hiroshima Branch,6- The Sendai Branch7- The Sapporo Branch.The Bank of Japan also has a subsidiary called the Bank of Japan Financial Investment Company.
