When the quantitative easing framework was introduced in March 2001, the target for the outstanding balance of current account deposits at the Bank was 5 trillion yen, which exceeded the total reserve requirement at the time by slightly less than 1 trillion yen.
When I took office as Governor, the target range for the outstanding balance had already been set at “around 17 to 22 trillion yen,” and the Bank has since steadily raised it.