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

May 20, 2005
Bank of Japan

(For immediate release)

At the Monetary Policy Meeting held today, the Bank of Japan decided, by 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.

(Reference)

Meeting hours :
May 19th : 14:00-16:27
May 20th :9:00-12:42

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)

May 19th:
From Ministry of Finance :
Michitoo Ishii, Deputy Vice Minister for Policy Planning and Co-ordination (14:00-16:27)

From Cabinet Office :
Jun Hamano, Director General for Economic and Fiscal Management (14:00-16:27)

May 20th:
From Ministry of Finance :
Isamu Ueda, Senior Vice Minister of Finance (9:00-12:12, 12:20-12:42)

From Cabinet Office :
Jun Hamano, Director General for Economic and Fiscal Management (9:00-12:12, 12:20-12:42)

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

Release of minutes :
2:00 p.m. on Monday, June 20