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Announcement of the Monetary Policy Meeting Decisions (Nov.12)

November 12, 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 :
9:00 a.m. to 2:47 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:
Tsunekazu Haraguchi, Deputy Vice Minister for Policy Co-ordination (from 9:00 a.m.)

From Economic Planning Agency:
Eiji Kawade, Director-General of the Co-ordination Bureau (from 9:00 a.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 Tuesday, November 16, 1999
English version of "The Background"
End of November 1999

Release of minutes:
2:00 p.m. on Wednesday, December 22, 1999