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BIBLIOGRAPHY

On the Change in the Guideline for Money Market Operations and Additional Monetary Easing Measures (March 19, 2001).

Bank of Japan (Policy Board, Monetary Policy Meeting)

Claims Supported by This Source

  1. Changed the main operating target from the uncollateralized overnight call rate to the outstanding balance of current accounts at the Bank of Japan. To be continued until the year-on-year rate of change in the consumer price index (excluding fresh food) registers stably at zero percent or higher.
  2. Increased the balance of current accounts to around 5 trillion yen (an increase of about 1 trillion yen from the recent balance of just over 4 trillion yen).
  3. Increase purchases of long-term government bonds (400 billion yen/month) if necessary. However, the outstanding amount of long-term government bonds held is capped at the outstanding amount of banknotes issued (the "Banknote Rule").

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