The Bank also conducted outright purchases of CP on March 25. As a result, issuance spreads on CP declined to just slightly above their levels prior to the earthquake4 and funding through CP continued without major problems.
In coordination with the U.S. Federal Reserve System, on March 29, the Bank started to offer market participants in Japan one-week U.S. dollar funds, in addition to the existing threemonth funds, in its U.S. dollar-funds supplying operation. This measure was taken not because domestic financial institutions were having difficulties securing U.S. dollar funding at the time.