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Bank of Japan : Review of the Benchmark Ratio Used to Calculate the Macro Add-on Balance in Current Account Balances at the Bank of Japan 

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06/11/2018 | 04:08am EDT

June 11, 2018

Financial Markets Department

Bank of Japan

Review of the Benchmark Ratio Used to Calculate the Macro Add-on

Balance in Current Account Balances at the Bank of Japan

The Bank of Japan decided to review the Benchmark Ratio (Note 1) used to calculate the Macro Add-on Balance in financial institutions' current account balances at the Bank, to which a zero interest rate is applied, as follows.

Note 1: The Benchmark Ratio stipulated in Paragraph 4. (3) (a) of the "Principal Terms and

Conditions of Complementary Deposit Facility."

The Benchmark Ratio during the June, July, and August 2018 reserve maintenance periods: 30.5% (Note 2)

The Policy-Rate Balance in financial institutions' current account balances at the Bank, to which a negative interest rate is applied, will be about 10 trillion yen on average during the above three reserve maintenance periods, if arbitrage transactions take place in full among financial institutions.

The Benchmark Ratio during the September, October, and November 2018 reserve maintenance periods will be announced on September 10, 2018 at 5 p.m.

Note 2: The amount stipulated in Paragraph 4. (3) (a) of the "Principal Terms and Conditions of Complementary Deposit Facility" for the above three reserve maintenance periods will be calculated by multiplying the Benchmark Balance by the Benchmark Ratio.

Disclaimer

Bank of Japan published this content on 11 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 June 2018 08:07:02 UTC

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