The interest rate charged by the Bank will be equivalent to its target for the uncollateralized overnight call rate at the time of loan disbursement, and is currently  1  For details on various issues concerning the Bank’s monetary policy conduct, please see Masaaki Shirakawa, “Toward Sustainable Growth with Price Stability” (Speech at the Kisaragi-kai Meeting in Tokyo), November 12, 2012. http://www.boj.or.jp/en/announcements/press/koen_2012/data/ko121112a1.pdf  BIS central bankers’ speeches  3  0.1 percent per annum.
And our exports do appear to be responding, with some additional help from a lower Canadian dollar. Our conversations with exporters indicate that they are seeing a better export outlook from the ground. However, it is clear that our export sector is less robust than in previous cycles.