The Bank has been appropriately providing liquidity through money market operations. As a result, despite the continued disruptions in global financial markets, Japan's money market has been stable, unlike its U.S. and European counterparts. The Bank will continue to carefully monitor market developments and to ensure, via appropriate money market operations, the proper functioning of the money market.
With regard to stocks purchased from financial institutions through the stock purchasing program implemented between November 2002 and September 2004, the Bank has been disposing of them in the market since October 2007. The book value of the remaining stocks held by the Bank was approximately 1.4 trillion yen as of the end of April 2008. 2  BIS Review 73/2008