[뉴스핌 Newspim] 다음은 일본은행(BOJ)이 22일 발표한 4월 9~10일 정책위원회 겸 금융정책결정회의 의사록 중 제 3장 통화정책 운용전망에 대한 논의 부분만 따로 발췌한 것입니다. 참고하시기 바랍니다.
Minutes of the
Monetary Policy Meeting
on April 9 and 10, 2007
(중략)
III. Summary of Discussions on Monetary Policy for the Immediate Future
On the monetary policy stance for the immediate future, members agreed that, based on their assessment of the economic and financial situation, it was appropriate to maintain the current guideline for money market operations that the Bank would encourage the uncollateralized overnight call rate to remain at around 0.5 percent.
Members also concurred that it would be appropriate to keep their basic thinking on the future course of monetary policy unchanged.
As for developments in the money market, many members said that the Bank had managed the uncollateralized overnight call rate well on the whole at around 0.5 percent, albeit with a rise in the rate on March 30, the last business day of fiscal 2006.
A few members expressed the view that the rise was partly due to the fact that some financial institutions had taken a cautious stance on extending credit, factoring in the implementation of the revised international capital framework (Basel II).
A few members, noting that use of the complementary lending facility increased on the last business day of fiscal 2006, said that there was no significant disruption in the money market partly due to the effective functioning of the facility.
Meanwhile, a few other members said that the Bank should examine closely how the complementary lending facility influenced the behavior of financial institutions and the functioning of the money market.
Based on these discussions, some members expressed the view that developments in the money market on the last business day of fiscal 2006 would be referred to in future discussions concerning the improvement of the functioning of the money market and the level of the basic loan rate applied to complementary lending.
Some members said that the financial environment remained accommodative even after the policy change in February as was confirmed, for example, by the financial positions of firms and the lending attitudes of financial institutions as perceived by firms in the March Tankan.
Regarding the Bank's communication with market participants, many members greed again that, under the system in which decisions were made by votes after thorough discussion among the Policy Board members, the information that the Bank should provide was its assessment of economic activity and prices and its basic thinking concerning the conduct of monetary policy.
One of these members expressed the view that, since the policy change in February, market participants seemed to be coming to understand better the Bank's assessment of economic activity and prices and its basic thinking about the conduct of monetary policy.
Meanwhile, one member said that the Bank should provide information giving due consideration to the enhancement of the predictability of monetary policy.
Based on the above discussion, members agreed that after discussing its views thoroughly and formulating them, the Bank should explain clearly in the April 2007 Outlook for Economic Activity and Prices (hereafter the Outlook Report) the outlook for economic activity and prices and its risk assessment, and the basic thinking based on them concerning the conduct of monetary policy, and that the Bank should continue such efforts so as to promote deeper understanding among market participants and the public of its framework for the conduct of monetary policy.
They also agreed that the Bank would present in the April 2007 Outlook Report the results of the review of its "understanding of medium- to long term price stability," which was to be, in principle, reviewed annually.
(하략)
Minutes of the
Monetary Policy Meeting
on April 9 and 10, 2007
(중략)
III. Summary of Discussions on Monetary Policy for the Immediate Future
On the monetary policy stance for the immediate future, members agreed that, based on their assessment of the economic and financial situation, it was appropriate to maintain the current guideline for money market operations that the Bank would encourage the uncollateralized overnight call rate to remain at around 0.5 percent.
Members also concurred that it would be appropriate to keep their basic thinking on the future course of monetary policy unchanged.
As for developments in the money market, many members said that the Bank had managed the uncollateralized overnight call rate well on the whole at around 0.5 percent, albeit with a rise in the rate on March 30, the last business day of fiscal 2006.
A few members expressed the view that the rise was partly due to the fact that some financial institutions had taken a cautious stance on extending credit, factoring in the implementation of the revised international capital framework (Basel II).
A few members, noting that use of the complementary lending facility increased on the last business day of fiscal 2006, said that there was no significant disruption in the money market partly due to the effective functioning of the facility.
Meanwhile, a few other members said that the Bank should examine closely how the complementary lending facility influenced the behavior of financial institutions and the functioning of the money market.
Based on these discussions, some members expressed the view that developments in the money market on the last business day of fiscal 2006 would be referred to in future discussions concerning the improvement of the functioning of the money market and the level of the basic loan rate applied to complementary lending.
Some members said that the financial environment remained accommodative even after the policy change in February as was confirmed, for example, by the financial positions of firms and the lending attitudes of financial institutions as perceived by firms in the March Tankan.
Regarding the Bank's communication with market participants, many members greed again that, under the system in which decisions were made by votes after thorough discussion among the Policy Board members, the information that the Bank should provide was its assessment of economic activity and prices and its basic thinking concerning the conduct of monetary policy.
One of these members expressed the view that, since the policy change in February, market participants seemed to be coming to understand better the Bank's assessment of economic activity and prices and its basic thinking about the conduct of monetary policy.
Meanwhile, one member said that the Bank should provide information giving due consideration to the enhancement of the predictability of monetary policy.
Based on the above discussion, members agreed that after discussing its views thoroughly and formulating them, the Bank should explain clearly in the April 2007 Outlook for Economic Activity and Prices (hereafter the Outlook Report) the outlook for economic activity and prices and its risk assessment, and the basic thinking based on them concerning the conduct of monetary policy, and that the Bank should continue such efforts so as to promote deeper understanding among market participants and the public of its framework for the conduct of monetary policy.
They also agreed that the Bank would present in the April 2007 Outlook Report the results of the review of its "understanding of medium- to long term price stability," which was to be, in principle, reviewed annually.
(하략)
