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Announcement of the Monetary Policy Meeting Decisions (October 11, 12)

October 12, 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.


Meeting hours :
October 11th: 14:00-15:52
October 12th: 9:00-12:17

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)

October 11th:
From Ministry of Finance :
Kazuyuki Sugimoto, Deputy Vice Minister for Policy Planning and Co-ordination (14:00-15:52)

From Cabinet Office :
Jun Hamano, Director General for Economic and Fiscal Management (14:00-15:52)

October 12th:
From Ministry of Finance :
Isamu Ueda, Senior Vice Minister of Finance (9:00-12:04, 12:10-12:17)

From Cabinet Office :
Jun Saitou, Deputy Director General for Economic and Fiscal Management (9:00-12:04, 12:10-12:17)

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 Wednesday, October 12
Full text (Consisting of "The Bank's View" and "The Background")2:00 p.m. on Thursday, October 13 (Japanese)
4:30 p.m. on Friday, October 14 (English)

Release of minutes :
2:00 p.m. on Thursday, November 24