However, whether or not the Bank will be able to accumulate the target amount of the monetary base as expected depends on the stance of financial institutions with regard to making bids for the Bank’s market operations.
This stance could change, reflecting not only economic factors, such as economic and financial developments as well as current and future levels of interest rates, but also non-economic factors; for example, the extent to which financial institutions are allowed to increase their current account deposits at the Bank from the viewpoint of their investor relations policies.