ABSTRACT
The Bank of Japan has done little to illuminate this point. To the contrary, it has made misleading statements about the role of window guidance in the 1980s. Moreover, it implemented several reorganizations of its bureaus. In 1997, the Cred~t and Market Management Department was split into the Financial Market Operations and Surveillance Department. Another reorganization took place in April 1998. By this time, the tasks of the former Banking Department had been split between the Operations Department, the Financial Markets Department, the Financial and Payment System Office and the Bank Supervision Department. It had become a little harder to locate the center of the credit control policies.
