Money Market Operations in Fiscal 2008

Financial Markets Department
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Financial Markets Department: Bank of Japan

No 2009-08-31, Bank of Japan Research Papers from Bank of Japan

Abstract: Throughout fiscal 2008, the Bank of Japan conducted money market operations with the uncollateralized overnight call rate as the operating target. The target level for the uncollateralized overnight call rate was lowered on two occasions during fiscal 2008. The target level was lowered from "around 0.5 percent" to "around 0.3 percent" at the Monetary Policy Meeting (MPM) held on October 31, 2008, and to "around 0.1 percent" in the MPM of December 18 and 19. The basic loan rate applied to the complementary lending facility was also lowered from 0.75 percent to 0.5 percent in the MPM of October 31, and to 0.3 percent in the MPM of December 18 and 19. As a temporary measure, the Bank introduced the complementary deposit facility on November 16 and started applying an interest rate of 0.1 percent to excess reserve balances.

Date: 2009-08-31
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