Monetary policy by the Bank of Japan  Against the economic and financial background that I have just described, the Bank took a series of easing measures in February and March last year, stepping into an unprecedented policy area in the history of central banking.
Among the several pillars of this new monetary easing framework, the most important is the change in the target of money market operations. The target was changed from the overnight call money rate, that is the interest rate for the shortest term, to the outstanding balance of current accounts held at the Bank of Japan which represents the quantity of liquidity.