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

March 16, 2004
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 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.


Meeting hours :
March 15th : 13:59-15:56
March 16th : 8:59-11:48

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)

March 15th:
From Ministry of Finance:
Hiroki Tsuda, Deputy Vice Minister for Policy Planning and Co-ordination (13:59-15:56)
From Cabinet Office:
Yoshirou Nakajou, Director General for Economic and Fiscal Management (13:59-15:56)

March 16th:
From Ministry of Finance:
Yuji Yamamoto, Senior Vice Minister of Finance (8:59-11:34, 11:36-11:48)

From Cabinet Office:
Tatsuya Ito, Senior Vice Minister for Economic and Fiscal Policy (8:59-11:34, 11:36-11:48)

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 Tuesday, March 16
Full text (Consisting of "The Bank's View" and "The Background")2:00 p.m. on Wednesday, March 17 (Japanese)
4:30 p.m. on Thursday, March 18 (English)

Release of minutes:
2:00 p.m. on Wednesday, April 14