We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy … rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese … that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan …

and affects the overall effectiveness of forward guidance. We find that the central banks of the U.S., the U.K., Germany …, and other major advanced economies have similar levels of credibility (albeit far from full credibility); however, Japan …