Economic conditions in Japan  The current state of the economy I will first talk about the current state of Japan’s economy.
After reviewing the evidence available from both the first and the second pillar of the monetary policy strategy of the Eurosystem, the Governing Council decided to maintain the interest rate on the main refinancing operations of the Eurosystem at 3.25% and the interest rate on the marginal lending facility and that on the deposit facility at 4.25% and 2.25% respectively, i.e.