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BIBLIOGRAPHY

What is the Complementary Deposit Facility?

Bank of Japan (Tell me! Nichigin)

Claims Supported by This Source

  1. Complementary Deposit Facility = A system that pays interest on excess reserves. Introduced in 2008, with a positive interest rate until January 2016.
  2. With "Quantitative and Qualitative Monetary Easing (QQE) with a Negative Interest Rate" in January 2016, current account balances were divided into three tiers with positive, zero, and negative interest rates.
  3. With the framework review in March 2024, the tiered structure was abolished, and a positive interest rate was applied to excess reserves.
  4. Eligible counterparties are financial institutions with current accounts at the Bank of Japan (e.g., banks, securities companies, money market dealers). Clearing organizations and government-affiliated financial institutions are not eligible.

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