First, it allows for meeting-by-meeting reassessments of the conditionally-expected medium-term path for interest rates that is required to deliver the two per cent target, in line with the incoming data and evolving outlook. The terminal rate over the projection horizon widely used as a short-hand summary indicator for the orientation of interest rate policy.
4  The amount of government deposits and government surplus in the Bank of Japan accounts is about 35 trillion yen, in part due to the frontloading of rollover of existing government bonds and the increase in tax revenue. Inefficient cash management arising from rigid accounting rules results in a significant revenue loss.