The amount outstanding of corporate bonds and CP issued is moving at around the previous year’s level. Meanwhile, according to business surveys, financial positions of firms, particularly those of small firms, remain severe. The year-on-year growth rate of the monetary base is about 10 percent. The year-on-year growth rate of the money stock slowed somewhat and is around 1.5 percent.
Funding costs for firms continue to be at extremely low levels on the whole. Against the above background, the financial developments are summarized as follows. Money market conditions continue to be extremely easy due partly to the additional monetary easing by the Bank. Long-term interest rates are declining further.