In the financial markets, the overnight call rate (uncollateralized) has stayed slightly below the official discount rate, and the 3-month CD rate has remained at 0.50 - 0.55 per cent since autumn 1996.
The long-term government bond yield has been declining since July 1996, and it marked a record low of 2.3 - 2.4 per cent in early December and has recently remained at around 2.4 per cent. Stock prices have declined substantially since the end of 1996. The yen has been depreciating since the end of 1996, particularly against the U.S. dollar.