Direction of monetary-base expansion decisions relative to trend. Separate from fiscal.transfer_expansion even when correlated.
De jure and de facto independence of the central bank from fiscal authority. Per D.1.5 scope, one of the framework's defensible monetary positions.
At its 19 March 2024 monetary policy meeting, the Bank of Japan under Governor Kazuo Ueda ended its Negative Interest Rate Policy (NIRP, -0.1% since 2016) and formally terminated its Yield Curve Control framework (YCC, in place since 2016). The policy rate on excess reserves was moved to 0.0-0.1%, and the BoJ committed to continuing JGB purchases at roughly the prior pace as a normalisation bridge while abandoning the explicit 10-year yield cap. The July 2024 meeting lifted the policy rate to 0.25%, the first two rate hikes in a single year since 2007. Framed as a transition away from Abenomics-era unconventional monetary policy once a sustainable wage-price cycle was judged achieved, supported by the 2024 shuntō wage settlement averaging 5.28% — the highest in 33 years.
Per invariant 3, reforms are scored by what they did on each channel-separated axis, not by the party that enacted them. This fingerprint is how the policy-match engine finds historical analogues.
Explicit links are curated by the author. Inferred links are hypotheses in the library that test the same axes this policy moved — the framework's answer to "what does the data say about a policy like this?".
Ranked by axis-fingerprint overlap with this policy. Direction match bolded — those are the closest historical analogues. Shape of the match is what drives policy-outcome comparison, not the country or party label.