In providing financial and settlement services to firms that have expanded their businesses to Asia, I hope that individual financial institutions will make the most of the new BOJ-NET, leading them to further develop their own businesses. Other issues included in the revised growth strategy are the real-time processing of payments in bank transfers and the attachment of invoice information to payment messages.
our TARGET system that has been operational since the first day of Monetary Union. In fact, the cross-country standard deviation of the average overnight lending rates among euro area countries was as low as three basis points in early 1999 and has since decreased even further to just one basis point. By comparison, in January 1998, i.e.