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Announcement of the Monetary Policy Meeting Decisions (Oct. 13)

October 13, 1999
Bank of Japan

(For immediate release)

At the Monetary Policy Meeting held today, the Bank of Japan decided, by majority vote, to maintain its "zero interest rate policy" to assure permeation of the effects of monetary easing.

The guideline for money market operations in the inter-meeting period ahead is as follows:

The Bank of Japan will flexibly provide ample funds and encourage the uncollateralized overnight call rate to move as low as possible.

(Reference)

Meeting hours :
9:01 a.m. to 5:22 p.m.

Members present :
Masaru Hayami ( Chairman, Governor )
Sakuya Fujiwara ( Deputy Governor )
Yutaka Yamaguchi ( Deputy Governor )
Susumu Taketomi
Toshio Miki
Nobuyuki Nakahara
Eiko Shinotsuka
Kazuo Ueda

(Others present)

From Ministry of Finance:
Yoshinori Ohno, Senior State Secretary of Finance (from 9:01 a.m.)

From Economic Planning Agency:
Yuriko Koike, Senior State Secretary of Economic Planning ( 9:01 a.m. to 12:35 a.m.)Takao Komine, Director-General of the Research Bureau (from 1:34 p.m.)

Release of Monthly Report of Recent Economic and Financial Developments:
( Consisting of "The Bank's View" and "The Background" )

Japanese version of the entire report and English version of "The Bank's View"
8:50 a.m. on Friday, October 15, 1999
English version of "The Background"
End of October 1999

Release of minutes:
2:00 p.m. on Wednesday, November 17, 1999