Japan: Further Effective and Sustainable Monetary Easing

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(The Bank of Japan)

Assessment for Further Effective and Sustainable Monetary Easing

At the Monetary Policy Meeting held today, the Bank of Japan conducted an assessment for further effective and sustainable monetary easing (see Attachment 1).

Based on the findings, the Bank judged that the following basic stance on monetary policy was important: with a view to achieving the price stability target of 2 percent, the Bank will continue with monetary easing in a sustainable manner and make nimble and effective responses without hesitation to counter changes in developments in economic activity and prices, as well as in financial conditions.

In this regard, the Bank will take the following actions.

(1) With a view to enabling the Bank to cut short- and long-term interest rates nimbly while considering the impact on the functioning of financial intermediation, the Bank will establish the Interest Scheme to Promote Lending. In this scheme, interest rates, which will be linked to the short-term policy interest rate, will be applied to a certain amount of financial institutions’ current account balances (see Attachment 2).

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