Announcement of the Monetary Policy Meeting Decisions (Nov.20,21)

November 21, 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:

The Bank of Japan will conduct money market operations, aiming at the outstanding balance of current accounts held at the Bank at around 27 to 32 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 :
November 20th : 13:59-15:37
November 21st : 9:00-12:07

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)

November 20th
From Ministry of Finance:
Hiroki Tsuda, Deputy Vice Minister for Policy Planning and Co-ordination (13:59-15:37)

From Cabinet Office:
Yoshirou Nakajou, Director General for Economic and Fiscal Management (13:59-15:37)

November 21st
From Ministry of Finance:
Keiichi Ishii, Senior Vice Minister of Finance (9:00-11:15, 11:17-12:07)

From Cabinet Office:
Yoshirou Nakajou, Director General for Economic and Fiscal Management (9:00-11:15, 11:17-12:07)

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, November 21
Full text (Consisting of "The Bank's View" and "The Background")2:00 p.m. on Tuesday, November 25 (Japanese)
4:30 p.m. on Wednesday, November 26 (English)

Release of minutes:
2:00 p.m. on Friday, December 19