Masaaki Shirakawa: Macroprudence and the central bank Speech by Mr Masaaki Shirakawa, Governor of the Bank of Japan, at the Seminar of the Securities Analysts Association of Japan, Tokyo, 22 December 2009. *  *  *  Introduction It is my honor to speak today at the Securities Analysts Association of Japan.
For instance, large volumes of excess reserves, on average about R5 billion a day, were coming back to the SARB each night and earning repo less 1 percentage point, something the system was meant to discourage, and which hadn’t happened before the onset of COVID. Worse, rates were not transmitting smoothly from the interbank market into the financial system.