The Bank's conduct of monetary policy Based on this thinking, the Bank has continued to implement the quantitative easing policy with the outstanding balance of current accounts held at the Bank as the main operating target. The framework is based on the following two key elements. First, the Bank continues to provide ample liquidity to the money market.
To be more specific, it has been providing such ample liquidity that the outstanding balance of current accounts at the Bank has substantially exceeded the amount of required reserves, which is about 6 trillion yen at present. This has continued to generate confidence among market participants about raising funds and has resulted in short-term interest rates of almost zero percent.