Announcement of the Monetary Policy Meeting Decisions (Mar.4,5)

March 5, 2003
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:

Until March 31, the Bank of Japan will conduct money market operations, aiming at the outstanding balance of current accounts held at the Bank at around 15 to 20 trillion yen.From April 1, considering necessary adjustment due to the establishment of the Japan Post, the Bank will conduct money market operations, aiming at the outstanding balance of current accounts held at the Bank at around 17 to 22 trillion yen.

For the time being, the Bank will provide more liquidity irrespective of the above target when necessary to secure financial market stability towards the end of a fiscal year.

(Reference)

Meeting hours :
March 4th: 14:01-15:58
March 5th:9:00-12:32

Members present :
Masaru Hayami ( Governor )
Sakuya Fujiwara ( Deputy Governor )
Yutaka Yamaguchi ( Deputy Governor )
Kazuo Ueda
Teizo Taya
Miyako Suda
Shin Nakahara
Hidehiko Haru
Toshikatsu Fukuma

(Others present)

March 4th:
From Ministry of Finance:
Hiroki Tsuda, Deputy Vice Minister for Policy Planning and Co-ordination (14:01-15:58)

From Cabinet Office:
Yuzo Kobayashi, Vice-Minister for Economic and Fiscal Policy (14:01-15:58)

March 5th:
From Ministry of Finance:
Takayoshi Taniguchi, Senior Vice Minister of Finance (9:00-12:11, 12:13-12:32)

From Cabinet Office:
Yuzo Kobayashi, Vice-Minister for Economic and Fiscal Policy (9:00-12:11, 12:13-12:32)

Mr. Fujiwara was absent from 9:42 to 11:34 a.m. due to his attendance at a Diet meeting.

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"
2:00 p.m. on Thursday, March 6
English version of "The Background"
Within a few business days from the release of "The Bank's View"

Release of minutes:
2:00 p.m. on Friday, April 11