TAILIEUCHUNG - Enhancement of Monetary Easing Bank of Japan

Among technological options experimented to reach the unbanked and underbanked populations mostly in the rural areas are the satellite (mobile) branches, which allow to serve financially-excluded geographical areas where mainstream banks found it unprofitable to set up brick and mortar infra- structures. Savings banks in Uganda and Zimbabwe operate mobile banking units, which consist of vans equipped with information and communication technology touring remote communities on fixed dates to render banking services. Savings banks are also moving beyond traditional networks to offer branchless banking services and thereby accommodate the market. Electronic devices (ATM, POS, Cellphone, etc.) are increasingly introduced to handle. | April 27 2012 Bank of Japan Enhancement of Monetary Easing 1. At the Monetary Policy Meeting held today the Policy Board of the Bank of Japan made the following decisions by a unanimous vote regarding the Asset Purchase Program hereafter referred to as the Program . 1 The Bank decided to increase the total size of the Program by about 5 trillion yen from about 65 trillion yen to about 70 trillion yen with the following changes in its a An increase in the purchase of Japanese government bonds JGBs by about 10 trillion yen b An increase in the purchases of exchange-traded funds ETFs and Japan real estate investment trusts J-REITs by about 200 billion yen and 10 billion yen respectively c A reduction in the maximum outstanding amount of the Bank s fixed-rate funds-supplying operation against pooled collateral with a six-month term by about 5 trillion yen taking into account the recent episodes of undersubscription 2 With the aim of smoothly conducting the large-scale purchases after today s increase and encouraging a decline in longer-term interest rates effectively the Bank decided to extend the remaining maturity of JGBs to be purchased under the Program from one to two years to one to three years. It also decided to extend the remaining maturity of corporate bonds to be purchased under the Program just as is the case of JGBs. 3 The Bank decided to increase the outstanding amount of the Program to about 70 trillion yen by around end-June 2013 while maintaining the existing schedule of increasing the outstanding amount of the Program to about 65 trillion yen by around end-2012. 2. The Policy Board also decided by a unanimous vote to set the following guideline for money market operations for the intermeeting period The Bank of Japan will encourage the uncollateralized overnight call rate to remain at around 1 See Attachment for an overview of the Program. 1 0 to percent. 3. Looking at economic developments overseas a risk of the European debt .

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