12  After the interest rate applied to the complementary lending facility was lowered from 0.25 percent to 0.1 percent in September 2001, the same rate was maintained during the QE policy. It was then raised to 0.4 percent in July 2006 and further to 0.75 percent in July 2007 in accordance with an increase in the policy rate.
6  BIS central bankers’ speeches  Second, the Bank newly adopted a three-month funds-supplying operation at the fixed target interest rate (0.1 percent) against pooled collateral up to a total amount of 10 trillion yen in December 2009. This operation aimed at promoting a further decline in longer-term interest rates in the money market.