The Bank’s view of recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on January 15 and 16 as the basis for monetary policy decisions. BIS Review 4/2002  1  degree of uncertainty regarding future economic developments, the possibility that weak demand will further intensify downward pressure on prices warrants careful monitoring.
In the financial market, the overnight call rate continues to move around zero percent as the Bank of Japan provided further ample liquidity to the money market by aiming at maintaining the outstanding balance of the current accounts at the Bank at around 10 to 15 trillion yen due to the changes in the guideline for money market operations decided at the Monetary Policy Meeting held on December 19.