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Money Market Operations in Fiscal 2010

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  • Financial Markets Department

    (Bank of Japan)

Abstract

During fiscal 2010, as the conduct of money market operations, the Bank first provided ample funds to pursue powerful monetary easing, thereby ensuring financial market stability. Throughout fiscal 2010, the uncollateralized overnight call rate remained in line with the guideline for money market operations, and current account balances at the Bank followed an uptrend. Given the comprehensive monetary easing policy introduced on October 5, 2010, the Bank changed the target for the uncollateralized overnight call rate from "around 0.1 percent" to "around 0 to 0.1 percent." This resulted in a faster pace of increase in current account balances at the Bank. After the Great East Japan Earthquake occurred on March 11, 2011, the Bank provided, on successive days, an unprecedentedly large amount of funds to forestall instability in the money market. As a result, current account balances at the Bank set a new record high of 42.6 trillion yen on March 24, 2011.

Suggested Citation

  • Financial Markets Department, 2011. "Money Market Operations in Fiscal 2010," Bank of Japan Research Papers 2011-05-31, Bank of Japan.
    • Handle: RePEc:boj:bojron:11-e-0531
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