Third, to achieve an interest rate structure that fosters an active interbank market that also projects the policy stance and desired impact of monetary operations on economywide interest rates. Honourable Minister, these refinements are intended to enhance financial intermediation, reduce costs of monetary operations and improve effectiveness of communicating monetary policy signals.
On May 23, the Bank conducted the first loan disbursement through the measure, providing financial institutions with a total of 74.1 billion yen, and on June 1 announced that it would conduct its second loan disbursement on June 28. It plans to continue disbursing loans generally once a month.