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Foreign Central Banks

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None of the four major central banks has changed its monetary policy operating target so far this year, though the Bank of Japan increased its commitment to purchase longterm government bonds from ¥0.8 trillion to ¥1.0 trillion monthly. The Bank first shifted from an interest rate target to a quantity-of-balances operating target last March. Successive upward adjustments to the target have added about ¥10 trillion to current account balances held at the Bank of Japan: ¥8.2 trillion in additional excess reserves, ¥1.6 trillion in increased balances of institutions not subject to reserve requirements, and only ¥0.2 trillion in additional reserves required by increased liabilities of credit institutions.

Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-03, pp. 18, 03.01.2002.

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