First, the Bank changed the main operating target of monetary policy operations from the uncollateralized overnight call rate to the outstanding balance of current accounts held at the Bank of Japan. In addition, the Bank increased the average outstanding amount of such accounts by about 25% from some 4 trillion yen to 5 trillion yen.
As pressure subsided in the following months, Danmarks Nationalbank managed to reduce the spread to currently about 100 basis point, which still implies a burden for the Danish economy through higher lending rates.