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BIBLIOGRAPHY

Change in Monetary Policy (December 19, 2008).

Bank of Japan (Policy Board, Monetary Policy Meeting)

Claims Supported by This Source

  1. Lower the policy target for the uncollateralized overnight call rate by 0.2% to around 0.1% (7 votes for, 1 against). The Basic Loan Rate to 0.3%, and the interest rate on the Complementary Deposit Facility to 0.1%.
  2. Increase purchases of long-term government bonds from 14.4 trillion yen/year (1.2 trillion yen/month) to 16.8 trillion yen/year (1.4 trillion yen/month). Add 30-year bonds, floating-rate bonds, and inflation-indexed bonds to the scope of purchases, and introduce a purchase method based on remaining maturity.
  3. Also decided on measures to facilitate corporate financing (consideration of purchasing commercial paper, etc.).

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