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BIBLIOGRAPHY

What is the uncollateralized overnight call rate? What is a funds surplus/shortage?

Bank of Japan (Tell me! Nichigin)

Claims Supported by This Source

  1. Uncollateralized overnight call rate = The interest rate for uncollateralized, next-business-day repayment lending in the call market. The main operating target since the 1990s.
  2. Total amount of funds in the money market = The total balance of financial institutions' current accounts at the Bank of Japan. It does not change with interbank transactions but fluctuates due to factors related to banknotes and fiscal matters.
  3. When excess reserves are high, guidance is provided through arbitrage activities by applying interest to excess reserves under the Complementary Deposit Facility, introduced in 2008.

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