Payments flows may be exceptionally large on certain days, such as major tax dates and days on which the purchases of bonds in Treasury auctions are settled.
Let me elaborate by illustrating these points with examples. The amount outstanding of the call market stood at 26.5 trillion yen at the end of February 2001 just before the introduction of quantitative easing. This amount fell by roughly 10 trillion yen in two years to 16.5 trillion yen at the end of February 2003.