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SOURCE ROOM

On Changes in Monetary Policy (October 31, 2008)

Bank of Japan (Policy Board, Monetary Policy Meeting)

Claims Supported by This Source

  1. The target for the uncollateralized overnight call rate was lowered by 0.2% to around 0.3% (4 in favor, 4 against; decided by the chairman due to a tie).
  2. The basic loan rate was lowered by 0.25% to 0.5% (unanimous). A complementary deposit facility was temporarily introduced, paying 0.1% interest on current account balances exceeding required reserves (from the November 2008 reserve maintenance period to the March 2009 period, unanimous).
  3. Explanation: The policy rate was lowered after implementing measures to supply liquidity, amid a situation where the downturn in the global economy, originating from the financial crisis in the U.S. and Europe, was intensifying, and tensions in international financial and capital markets were significantly heightening.

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