In these circumstances, the year-on-year rate of growth in the money stock (M2) has been high at around 4.5 percent. Looking at financial markets, money market rates have been below the 0.1 percent level for all maturities.
Long-term interest rates have been stable at a historically very low range of 0.6–0.8 percent, even at a time when overseas interest rates rose on the whole, with U.S. long-term interest rates reaching around 3.0 percent, mainly against the backdrop of an economic recovery.