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Announcement of the Monetary Policy Meeting Decisions (January 19, 20)

January 20, 2006
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 :
January 19th: 14:00-15:48
January 20th:9:00-12:50

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)

January 19th:
From Ministry of Finance:
Kazuyuki Sugimoto, Deputy Vice Minister for Policy Planning and Co-ordination (14:00-15:48)

From Cabinet Office:
Jun Hamano, Director General for Economic and Fiscal Management (14:00-15:48)

January 20th:
From Ministry of Finance:
Kazuyoshi Akaba, Senior Vice Minister of Finance (9:00-12:32, 12:36-12:50)

From Cabinet Office:
Yoshiro Nakajo, Vice-Minister for Policy Coordination (9:00-12:32, 12:36-12:50)

Mr. Iwata was absent from 14:00 to 15:12 on January 19, to attend a meeting of the Ministerial Council which discussed issues including the Cabinet Office's Monthly Economic Report.

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 Friday, January 20
Full text (Consisting of "The Bank's View" and "The Background")
2:00 p.m. on Monday, January 23 (Japanese)
4:30 p.m. on Tuesday, January 24 (English)

Release of minutes:
2:00 p.m. on Tuesday, March 14, 2006