On the Review of the Monetary Policy Framework

Claims Supported by This Source

1. On March 19, 2024, the Bank judged that a virtuous cycle between wages and prices had been confirmed and that the 2% price stability target would be achieved in a sustainable and stable manner.
2. Concluding that Quantitative and Qualitative Monetary Easing with Yield Curve Control and the negative interest rate policy have fulfilled their roles, the Bank will use short-term interest rates as its primary policy tool.
3. Monetary market operations policy: Encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent (Vote: 7-2). Apply an interest rate of 0.1 percent to current accounts at the Bank of Japan (excluding the portion corresponding to required reserves).
4. Purchases of long-term government bonds will continue at roughly the same pace (about 6 trillion yen/month). New purchases of ETFs and J-REITs will end. Purchases of commercial paper, corporate bonds, etc., will end in about one year.
5. It was determined that the requirements for the "overshooting commitment" for the monetary base have been met.

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