Statement by Masaru Hayami, Governor, Bank of Japan
(For immediate release)
December 1, 1999
Bank of Japan
The Bank of Japan supports the recent action by the Ministry of Finance in the foreign exchange market and strongly hopes that market stability is restored as soon as possible.
The Bank is prepared to promptly provide sufficient funds in order to maintain the stability of the short-term money market, taking account of the government's yen funding of foreign exchange intervention and any disruptive impact of excessive movements in the foreign exchange market on domestic financial transactions.
The Bank has been flexibly providing ample funds to the short-term money market taking account of factors including yen liquidity arising from foreign exchange intervention, and, under this operational framework, today continued to supply substantial amount of liquidity.