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Announcement of the Monetary Policy Meeting Decisions (Jan.21,22)

January 22, 2003
Bank of Japan

(For immediate release)

At the Monetary Policy Meeting held today, the Bank of Japan decided, by unanimous vote, to maintain 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 15 to 20 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 :
January 21st : 14:00-15:46
January 22nd :8:59-12:25

Members present :
Masaru Hayami ( Governor )
Sakuya Fujiwara ( Deputy Governor )
Yutaka Yamaguchi ( Deputy Governor )
Kazuo Ueda
Teizo Taya
Miyako Suda
Shin Nakahara
Hidehiko Haru
Toshikatsu Fukuma

(Others present)

January 21st:
From Ministry of Finance:
Hiroki Tsuda, Deputy Vice Minister for Policy Planning and Co-ordination (14:00-15:46)

From Cabinet Office:
Yuzo Kobayashi, Vice-Minister for Economic and Fiscal Policy (14:00-15:46)

January 22nd:
From Ministry of Finance:
Takayoshi Taniguchi, Senior Vice Minister of Finance (8:59-12:07, 12:10-12:25)

From Cabinet Office:
Yuzo Kobayashi, Vice-Minister for Economic and Fiscal Policy (8:59-12:07, 12:10-12:25)

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 Thursday, January 23
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, February 19, 2003