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Announcement of the Monetary Policy Meeting Decisions (December 15, 16)

December 16, 2005
Bank of Japan

(For immediate release)

At the Monetary Policy Meeting held today, the Bank of Japan decided, by 7-2 majority vote, to set the following guideline for money market operations for the intermeeting period:

The Bank of Japan will conduct money market operations, aiming at the outstanding balance of current accounts held at the Bank at around 30 to 35 trillion yen.

Should there be a risk of financial market instability, such as a surge in liquidity demand, the Bank will provide more liquidity irrespective of the above target.When it is judged that liquidity demand is exceptionally weak considering such factors as responses of financial institutions to the Bank's funds-supplying operations, there may be cases where the balance of current accounts falls short of the target.

(Reference)

Meeting hours :
December 15th: 14:01-16:00
December 16th: 9:00-12:27

Members present :
Toshihiko Fukui ( Governor )
Toshiro Muto ( Deputy Governor )
Kazumasa Iwata ( Deputy Governor )
Miyako Suda
Shin Nakahara
Hidehiko Haru
Toshikatsu Fukuma
Atsushi Mizuno
Kiyohiko G. Nishimura

(Others present)

December 15th:
From Ministry of Finance :
Kazuyuki Sugimoto, Deputy Vice Minister for Policy Planning and Co-ordination (14:01-16:00)

From Cabinet Office:
Yoshiro Nakajo, Vice-Minister for Policy Coordination (14:01-16:00)

December 16th:
From Ministry of Finance :
Kazuyoshi Akaba, Senior Vice Minister of Finance (9:00-12:14, 12:18-12:27)

From Cabinet Office:
Yoshiro Nakajo, Vice-Minister for Policy Coordination (9:00-12:14, 12:18-12:27)

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

"The Bank's View" 3:00 p.m. on Friday, December 16
Full text (Consisting of "The Bank's View" and "The Background")
2:00 p.m. on Monday, December 19 (Japanese)
4:30 p.m. on Tuesday, December 20 (English)

Release of minutes :
2:00 p.m. on Wednesday, January 25, 2006