Announcement of the Monetary Policy Meeting Decisions (Dec.17)

December 17, 1999
Bank of Japan

(For immediate release)

At the Monetary Policy Meeting held today, the Bank of Japan decided, by majority vote, to maintain its "zero interest rate policy" to assure permeation of the effects of monetary easing.

The guideline for money market operations in the inter-meeting period ahead is as follows:The Bank of Japan will flexibly provide ample funds and encourage the uncollateralized overnight call rate to move as low as possible.

(Reference)

Meeting hours :
9:00 a.m. to 3:44 p.m.

Members present :
Masaru Hayami ( Chairman, Governor )
Sakuya Fujiwara ( Deputy Governor )
Yutaka Yamaguchi ( Deputy Governor )
Susumu Taketomi
Toshio Miki
Nobuyuki Nakahara
Eiko Shinotsuka
Kazuo Ueda
Teizo Taya

(Others present)

From Ministry of Finance:
Tsunekazu Haraguchi, Deputy Vice Minister for Policy Co-ordination
(9:00 a.m. to 10:52 a.m., from 1:16 p.m.)Yoshinori Ohno, Senior State Secretary for Finance (10:54 a.m. to 12:15 p.m)

From Economic Planning Agency:
Takao Komine, Director-General of the Research Bureau (from 9:00 a.m.)^* Mr. Hayami was absent from 9:00 to 9:09 a.m.. During his absence, Mr. Fujiwara performed the duties of chairman pursuant to Article 16, Paragraph 5 of the Bank of Japan Law of 1997. Also, Mr. Yamaguchi was absent from 9:00 a.m. to 2:35 p.m. to attend G20 in Berlin.

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"
8:50 a.m. on Tuesday, December 21, 1999
English version of "The Background"
End of December 1999

Release of minutes:
2:00 p.m. on Wednesday, February 16, 1999