As for developments in financial markets, money market conditions continue to be extremely easy, as the Bank of Japan provides ample liquidity. In the foreign exchange and capital markets, while the yen’s exchange rate against the U.S. dollar is rising somewhat from the previous month, stock prices are declining slightly. Long-term interest rates are around the same level as last month.
1  This report is based on data and information available at the time of the Bank of Japan Monetary Policy Meeting held on February 4 and 5, 2004. 2  The Bank's view was determined by the Policy Board at the Monetary Policy Meeting held on February 4 and 5, 2004. BIS Review 8/2004  1