In accordance with the short-term policy interest rate of minus 0.1 percent and the target level of the long-term interest rate, both of which were decided at the previous meeting on December 19 and 20, 2018, the Bank had been providing funds through purchases of Japanese government bonds (JGBs) and other measures. In this situation, 10-year JGB yields had been at around 0 percent, and the shape of the JGB yield curve had been consistent with the guideline for market operations. B. Recent Developments in Financial Markets In the money market, interest rates on both overnight and term instruments had been generally in ... (full story)