Announcement of the Monetary Policy Meeting Decisions (July 14,15)

July 15, 2003
Bank of Japan

(For immediate release)

At the Monetary Policy Meeting held today, the Bank of Japan decided, by unanimous 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 27 to 30 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.

(Reference)

Meeting hours :
July 14th: 14:04-15:32
July 15th: 9:00-11:16

Members present :
Toshihiko Fukui ( Governor )
Toshiro Muto ( Deputy Governor )
Kazumasa Iwata ( Deputy Governor )
Kazuo Ueda
Teizo Taya
Miyako Suda
Shin Nakahara
Hidehiko Haru
Toshikatsu Fukuma

(Others present)

July 14th:
From Ministry of Finance:
Hiroki Tsuda, Deputy Vice Minister for Policy Planning and Co-ordination (14:04-15:32)

From Cabinet Office:
Jun Hamano, Deputy Director General for Economic and Fiscal Management (14:06-15:32)

July 15th:
From Ministry of Finance:
Takayoshi Taniguchi, Senior Vice Minister of Finance (9:00-10:56, 10:59-11:16)

From Cabinet Office:
Jun Hamano, Deputy Director General for Economic and Fiscal Management (9:00-10:56, 10:59-11:16)

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" 2:00 p.m. on Wednesday, July 16
English version of "The Background" Within a few business days from the release of "The Bank's View"

Release of minutes:
2:00 p.m. on Wednesday, August 13