Governor, the prohibition against the direct underwriting of government debt stipulated under Article 5 of the Bank of Japan Act is a noble norm designed to prevent the loss of national fiscal discipline. Ignoring market realities to assume the government's liabilities without limit would be an act of institutional betrayal unacceptable for any central bank. (N1 lesson 15)
That's a relief. If private brokers ever used the central bank's intervention orders to gorge on illicit profits, it would be a betrayal unacceptable in a public intervention, and the market's trustworthiness would collapse in an instant. (N1 lesson 74)
Publishing real-time transactional data that reveals our hand to speculators would be reckless behavior unacceptable for an institution executing sovereign monetary defense. Yet, as the central bank of a democratic nation, abandoning our public accountability is equally out of the question. (N1 lesson 88)
What?! That is plainly a cover-up of non-performing loans! It is an act of window-dressing, a betrayal unacceptable in a public financial institution that should secure confidence in the financial system. (N1 lesson 92)
So they deliberately swelled their off-the-books liabilities and kept dressing up the accounts... For the head of a financial institution entrusted with depositors' money, it is an outrageous breach of trust. (N1 lesson 116)
Yes. Distorting price formation in the market and tying the hands of private companies' management would be an overreach unacceptable for a central bank. For the Bank, as a shareholder, to interfere directly in the exercise of voting rights at private shareholder meetings is absolutely impermissible, from the standpoint of institutional neutrality. (N1 lesson 43)
