Article 13-(2) There shall be established a Policy Board in the Bank of Japan, and the Policy Board shall be authorized and empowered to formulate, direct or supervise the execution by the Bank of Japan as prescribed in Article 13-(3) item (1), basic monetary, credit control and other banking policies pertaining to the function of the Bank of Japan as the central bank and pertaining to its contractual relations with other banking institutions so as to meet the requirements of the national economy.