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Money Market Operations in Fiscal 2003

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  • Financial Markets Department

    (Bank of Japan)

Abstract

In fiscal 2003, the Bank of Japan changed the target level for current account balances held at the Bank five times, raising it by 15 trillion yen in total. To achieve the target and maintain stability in the money market, the Bank conducted money market operations appropriately by carefully monitoring money market conditions and market participants' bidding in response to the Bank's operations. Autonomous factors such as the flow of treasury funds and banknotes contributed to the increase in current account balances. In such a situation, the target level for current account balances, which had been raised significantly, was steadily achieved and the money market remained generally stable throughout the fiscal year.

Suggested Citation

  • Financial Markets Department, 2004. "Money Market Operations in Fiscal 2003," Bank of Japan Research Papers 2004-08-31, Bank of Japan.
    • Handle: RePEc:boj:bojron:04-e-0831
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