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February 25, 1999
Bank of Japan
(For immediate release)
The Bank today held a Monetary Policy Meeting, a regular meeting of the Policy Board on monetary policy.
By majority vote, the Policy Board decided to leave monetary policy unchanged.
The guideline for money market operations in the inter-meeting period ahead is as follows:
The Bank of Japan will provide more ample funds and encourage the uncollateralized overnight call rate to move as low as possible.
To avoid excessive volatility in the short-term financial markets, the Bank of Japan will, by paying due consideration to maintaining market function, initially(note) aim to guide the above call rate to move around 0.15%, and subsequently induce further decline in view of the market developments.
Note: "Initially" means the time of the previous Monetary Policy Meeting, February 12, 1999.
Meeting hours :
9:02 a.m. to 3:28 p.m.
Members present :
Masaru Hayami ( Chairman, Governor )
Sakuya Fujiwara ( Deputy Governor )
(Mr. Fujiwara was not present between 9:26 a.m. and 11:46 a.m. due to his attendance at Diet meetings.)
Yutaka Yamaguchi ( Deputy Governor )
From Ministry of Finance:
Sadakazu Tanigaki, State Secretary for Finance ( 9:02 a.m. to 11:46 a.m.)
From Economic Planning Agency:
Hiroshi Imai, Parliamentary Vice Minister ( 9:20 a.m. to 10:36 a.m.)Takao Komine, Director-General of the Price Bureau ( from 10:36 a.m.)
Release of minutes:
2:00 p.m. on Tuesday, March 30, 1999