Money Market Operations in Fiscal 2006

Financial Markets Department
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Financial Markets Department: Bank of Japan

No 2007-07-31, Bank of Japan Research Papers from Bank of Japan

Abstract: Throughout fiscal 2006, the Bank of Japan conducted money market operations with the uncollateralized overnight call rate as the operating target. Between March 2001 and March 2006, the Bank adopted the so-called "quantitative easing policy" whereby it conducted money market operations with the main target being the outstanding balance of current accounts at the Bank. Thus, this marked the first time in five years that the Bank used uncollateralized overnight call rates as its operating target.

Date: 2007-07-31
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