Money Market Operations in Fiscal 2004

Financial Markets Department
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Financial Markets Department: Bank of Japan

No 2005-08-19, Bank of Japan Research Papers from Bank of Japan

Abstract: In fiscal 2004, the Bank of Japan did not change the target level for current account balances held at the Bank from the "30-35 trillion yen range" decided at the Monetary Policy Meeting (MPM) on January 19 and 20, 2004 (Chart 1). This target level significantly exceeds the required reserves to be held by financial institutions at the Bank (approximately 6 trillion yen).

Date: 2005-08-19
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