While monetary policy can help to ensure low and stable inflation, and contribute to macroeconomic stability, it cannot influence the longer-term determinants of growth. Even so, monetary policy has an important role in influencing economic activity over the course of the business cycle, which is the subject of the next question.
Under this condition, the overnight call rate, including transactions beyond the fiscal year-end, is steadily moving around zero percent. Moreover, interest rates on term instruments have been declining since late March when pressures on fund-raising beyond the fiscal year-end alleviated. Yields on long-term government bonds are mainly moving around 1.4 percent recently.