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How is the former "official discount rate" positioned today?

Bank of Japan (Tell me! Nichigin)

Claims Supported by This Source

  1. In the past, lending at the official discount rate was the main tool for monetary control, and during the era of regulated interest rates, deposit rates were linked to it.
  2. With the completion of interest rate liberalization in 1994, this link disappeared. The former official discount rate became the "basic loan rate," the interest rate applied under the Complementary Lending Facility, which now sets the upper limit for the uncollateralized overnight call rate.
  3. The Complementary Lending Facility was introduced in February 2001. It provides one-business-day loans that are passively extended within the value of the collateral.

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