Monetary Policy

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Not to be released until 8:50 a.m. Japan Standard Time on Tuesday, February 19, 2013.

February 19, 2013 Bank of Japan

Minutes of the Monetary Policy Meeting
on January 21 and 22, 2013

(English translation prepared by the Bank's staff based on the Japanese original)

Please contact the Bank of Japan at the address below in advance to request permission when reproducing or copying the content of this document for commercial purposes.

Secretariat of the Policy Board, Bank of Japan P.O. Box 30, Nihonbashi, Tokyo 103-8660, Japan

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A Monetary Policy Meeting of the Bank of Japan Policy Board was held in the Head Office of the Bank of Japan in Tokyo on Monday, January 21, 2013, from 2:00 p.m. to 4:52 p.m., and on Tuesday, January 22, from 7:59 a.m. to 12:42 p.m.1

Policy Board Members Present Mr. M. Shirakawa, Chairman, Governor of the Bank of Japan Mr. H. Yamaguchi, Deputy Governor of the Bank of Japan Mr. K. G. Nishimura, Deputy Governor of the Bank of Japan Mr. R. Miyao Mr. Y. Morimoto Ms. S. Shirai Mr. K. Ishida Mr. T. Sato Mr. T. Kiuchi

Government Representatives Present Mr. S. Yamaguchi, Senior Vice Minister of Finance, Ministry of Finance2 Mr. S. Sato, Deputy Vice Minister for Policy Planning and Coordination, Ministry of Finance3 Mr. A. Amari, Minister of State for Economic and Fiscal Policy, Cabinet Office2 Mr. Y. Nishimura, Senior Vice Minister, Cabinet Office2 Mr. K. Matsuyama, Vice Minister for Policy Coordination, Cabinet Office3

Reporting Staff Mr. H. Nakaso, Executive Director (Assistant Governor) Mr. H. Hayakawa, Executive Director

1

The minutes of this meeting were approved by the Policy Board at the Monetary Policy Meeting held on February 13 and 14, 2013 as "a document describing an outline of the discussion at the meeting" stipulated in Article 20, paragraph 1 of the Bank of Japan Act of 1997. Those present are referred to by their titles at the time of the meeting. 2 Messrs. S. Yamaguchi, A. Amari, and Y. Nishimura were present on January 22: for the whole of the session, from 10:55 a.m. to 12:42 p.m., and from 7:59 a.m. to 10:49 a.m., respectively. 3 Messrs. S. Sato and K. Matsuyama were present on January 21.

1

Mr. N. Kinoshita, Executive Director Mr. K. Momma, Executive Director Mr. S. Uchida, Director-General, Monetary Affairs Department Mr. T. Umemori, Director-General for Policy Infrastructure, Monetary Affairs Department4 Mr. K. Kamiyama, Head of Policy Planning Division, Monetary Affairs Department Mr. S. Aoki, Director-General, Financial Markets Department Mr. E. Maeda, Director-General, Research and Statistics Department Mr. K. Kamada, Head of Economic Research Division, Research and Statistics Department Mr. H. Toyama, Director-General, International Department

Secretariat of the Monetary Policy Meeting Mr. Y. Iino, Director-General, Secretariat of the Policy Board Mr. T. Tachibana, Director, Deputy Head of Planning and Coordination Division, Secretariat of the Policy Board Mr. H. Kanno, Head of Policy Infrastructure Division, Monetary Affairs Department4 Mr. M. Kasai, Senior Economist, Monetary Affairs Department Mr. T. Kawamoto, Senior Economist, Monetary Affairs Department

4

Messrs. T. Umemori and H. Kanno were present on January 22.

2

I. Summary of Staff Reports on Economic and Financial Developments5 A. Money Market Operations in the Intermeeting Period The Bank, in accordance with the guideline decided at the previous meeting on December 19 and 20, 2012, had been providing ample funds sufficient to meet demand in financial markets and was doing its utmost to ensure stability in the markets.6 In this

situation, the uncollateralized overnight call rate had been in the range of around 0.075 to 0.085 percent. With regard to the operation of the Asset Purchase Program, undersubscription had occurred frequently in the Bank's fixed-rate...
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