In August 2012, the Financial Markets Department of the Bank of Japan conducted the third Tokyo Money Market Survey to identify developments in the Japanese money market and confirm how a number of market-related issues were being addressed. This paper's review is based on the results of the survey.

The monetary operations of central banks generally consist of the following three components: reserve requirements, open market operations, and standing facilities. However, details differ depending on operating targets, financial market environments and historical factors. Subject to the...

In August 2013, the Financial Markets Department of the Bank of Japan (the Bank) conducted the fourth Tokyo Money Market Survey (August 2013) to recognize developments in the Japanese money market. Since 2008, this series of surveys had been conducted every other year until 2012. However, to...

Throughout fiscal 2006, the Bank of Japan conducted money market operations with the uncollateralized overnight call rate as the operating target. Between March 2001 and March 2006, the Bank adopted the so-called "quantitative easing policy" whereby it conducted money market operations with the...

Hedge funds are becoming increasingly prominent in global financial markets. Although hedge funds and investment trusts are both forms of pooled investment vehicles, hedge funds are characterized by greater freedom for investment managers in terms of investment strategies. This is because hedge...

During fiscal 2012 (April 1, 2012 to March 31, 2013), the Bank of Japan continued to pursue powerful monetary easing through such measures as the virtually zero interest rate policy and purchases of financial assets.

In fiscal 2004, the Bank of Japan did not change the target level for current account balances held at the Bank from the "30-35 trillion yen range" decided at the Monetary Policy Meeting (MPM) on January 19 and 20, 2004 (Chart 1). This target level significantly exceeds the required reserves to...

In fiscal 2003, the Bank of Japan changed the target level for current account balances held at the Bank five times, raising it by 15 trillion yen in total. To achieve the target and maintain stability in the money market, the Bank conducted money market operations appropriately by carefully...

For most of fiscal 2005, the Bank of Japan conducted money market operations with the target of maintaining the outstanding balance of current accounts at the Bank at around 30-35 trillion yen decided at the Monetary Policy Meeting (MPM) on January 19 and 20, 2004. This target level...

Throughout fiscal 2008, the Bank of Japan conducted money market operations with the uncollateralized overnight call rate as the operating target. The target level for the uncollateralized overnight call rate was lowered on two occasions during fiscal 2008. The target level was lowered from...