Completion of measures to address acute symptoms after markets regained stability  Subsequently, as the economy stopped worsening and headed toward recovery, while financial markets regained stability, the amount of financial institutions’ bids for central bank funds started to fall short of the offered amount in the Bank’s outright purchases of CP and corporate bonds.
In the CP market in particular, the issuance rates on high-rated CP occasionally fell below yields on treasury bills, which in theory must command greater creditworthiness. Furthermore, auction rates on ordinary funds-supplying operations tended to decrease to such low levels that the advantages of the relatively low rates offered in the special operation were eliminated.