Minutes of the Monetary Policy Meeting on October 31, 2007
December 26, 2007
Bank of Japan
III. Summary of Discussions on Monetary Policy for the Immediate Future
On the guideline for money market operations for the intermeeting period ahead, one member said that it would be appropriate to raise the uncollateralized overnight call rate target from around 0.5 percent to around 0.75 percent.
Against this view, most members said that it would be 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. They expressed the following view: economic indicators suggested that Japan's economy was likely to continue sustainable growth under price stability broadly in line with the projection presented in the April Outlook Report; however, global financial markets continued to be unstable, and there was uncertainty regarding global economic developments, for example, downside risks to the U.S. economy; and therefore the Bank should continue to examine economic indicators and other relevant information as well as financial market conditions carefully.
December 26, 2007
Bank of Japan
III. Summary of Discussions on Monetary Policy for the Immediate Future
On the guideline for money market operations for the intermeeting period ahead, one member said that it would be appropriate to raise the uncollateralized overnight call rate target from around 0.5 percent to around 0.75 percent.
Against this view, most members said that it would be 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. They expressed the following view: economic indicators suggested that Japan's economy was likely to continue sustainable growth under price stability broadly in line with the projection presented in the April Outlook Report; however, global financial markets continued to be unstable, and there was uncertainty regarding global economic developments, for example, downside risks to the U.S. economy; and therefore the Bank should continue to examine economic indicators and other relevant information as well as financial market conditions carefully.
