The standstill period has been extended to 14 December and it has been reported that progress is being made in the negotiations to convert short-term paper into medium-term tradable financial instruments. Although some dislocation continues, it appears that the financial system has thus far weathered the turbulence reasonably well.
With regard to pursuing powerful monetary easing, the Bank has encouraged the overnight call rate to remain at virtually zero, namely, around 0 to 0.1 percent. Moreover, the Bank has committed itself to continue the virtually zero interest rate policy until it judges that price stability is in sight.