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

May 20, 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.

(Reference)

Meeting hours :
May 19th : 14:00-15:56
May 20th : 9:00-11:59

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)

May 19th:
From Ministry of Finance:
Hiroki Tsuda, Deputy Vice Minister for Policy Planning and Co-ordination (14:00-15:56)

From Cabinet Office:
Takashi Omori, Deputy Director General for Economic and Fiscal Management (14:00-15:56)

May 20th:
From Ministry of Finance:
Hiroki Tsuda, Deputy Vice Minister for Policy Planning and Co-ordination (9:00-11:48, 11:50-11:59)

From Cabinet Office:
Takashi Omori, Deputy Director General for Economic and Fiscal Management (9:00-11:48, 11:50-11:59)

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 Thursday, May 20
Full text (Consisting of "The Bank's View" and "The Background")2:00 p.m. on Friday, May 21 (Japanese)
4:30 p.m. on Monday, May 24 (English)

Release of minutes:
2:00 p.m. on Wednesday, June 30