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Please explain the evolution of the guidelines for money market operations.

Bank of Japan (Tell me! Nichigin)

Claims Supported by This Source

  1. 1999-2000: Zero interest rate policy
  2. 2001: Quantitative easing: Operating target changed from the uncollateralized call rate to the outstanding balance of current accounts at the Bank of Japan.
  3. 2006: Discontinuation
  4. 2013: Quantitative and Qualitative Monetary Easing: Operating target changed to the monetary base.
  5. January 2016: -0.1% on the policy-rate balance.
  6. September 2016: Yield curve control (10-year JGB yield at around zero percent).

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