The interest rate on such holdings is now tiered, with excess liquidity holdings up to six times the minimum reserve requirements receiving zero interest and holdings beyond that level remunerated at the deposit facility rate of -0.5 percent.
In the foreign exchange market, the yen has been depreciating from the beginning of November, and is currently being traded in the range of 111-113 yen to the U.S. dollar. With regard to corporate finance, private banks continue to be more active in extending loans mainly to blue-chip companies, while carefully evaluating the credit risks involved.