The 3-month CD rate has continued at around 0.50 - 0.55 per cent except for the fiscal year-end. The long-term government bond yield has been declining since summer 1996, and has recently moved at a low level of 2.1 - 2.2 per cent.
Stock prices plummeted between the end of 1996 and the beginning of 1997, and have recently stayed at somewhat over ¥ On the foreign exchange market, the yen has been depreciating against the U.S. dollar since mid-1995, and has recently moved at around ¥ - 126. Lending by private financial institutions has continued to be lackluster.