Note 1-20

20 The Basic Policies 2004 state that the Bank of Japan should further improve the transparency of its monetary policy management, including the roadmap for overcoming deflation, with the objective to ensure its consistency with the economic outlook, including the "Period for Intensified Efforts" disclosed by the government in the Reform and Perspectives - FY2003 Revision and in Basic Policies 2004 and with the initiatives for ensuring stability in overcoming deflation and other basic policies.