The past two years have been marked by  3  Research on the effect of the fixed announcement date process includes: Nicolas Parent (2002-2003, "Transparency and the Response of Interest Rates to the Publication of Macroeconomic Data," Bank of Canada Review [Winter 2002-2003] 2934), who discovered that the publication of Canadian macroeconomic data has had a greater impact on Canadian shortterm interest rates following the introduction of fixed announcement dates; Grahame Johnson (2003, "Measuring Interest Rate Expectations in Canada," Bank of Canada Review [Summer 2003] 17-27), who found that current money-market yields have become better predictors of future overnight interest rates; and Jason Andreou (2005, "Estimating the Impact of Monetary Policy Surprises on Fixed-Income Markets," Bank of Canada Review [Summer 2005] 11-19), who showed that there have been fewer surprises in target overnight interest rates, and that the impact of any surprise in the target interest rate on longer-term interest rates has diminished.
Similarly, looking at the money stock – which is equivalent to the amount of cash held by non-financial private sectors – its ratio relative to nominal GDP in  BIS central bankers’ speeches  9  Japan has again been outperforming those in the other two economies, and it is currently on a clear uptrend (Chart 19).