jeudi 19 mars 2015

Japan Minutes of the Monetary Policy Meeting

The Bank, in accordance with the guideline decided at the previous meeting on

January 20 and 21, 2015, had been providing funds through purchases of Japanese

government bonds (JGBs) and other measures. 5 In this situation, the amount outstanding of the monetary base had been in the range of 270-280 trillion yen.

B. Recent Developments in Financial Markets In the money market, interest rates on both overnight and term instruments continued to be at low levels. The uncollateralized overnight call rate and general collateral (GC) repo rates had generallybeen at levels below 0.1 percent, the interest rateapplied to the Bank's complementary deposit facility. As for interest rates on term instruments, yields on treasury discount bills (T

-

Bills)

had generally been at around 0

percent.

Yields on 10

-

year JGBs had incre

ased, mainly reflecting a rise in U.S. long

-

term

interest rates due to firm economic indicators and a rebound in crude oil prices. They had

recently been at around 0.4 percent.

The Nikkei 225 Stock Average

had risen, partly

against the background of the

expectations for favorable corporate results, an

Japan Minutes of the Monetary Policy Meeting

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