Outline of Changes Regarding Money Market Operations Data

March 14, 2000
Bank of Japan
Financial Markets Department

As announced on February 14,¹ the Bank of Japan has decided to revise the methods of disclosing information related to money market operations, such as the "Supply and Demand of Funds and Market Operations" table (the funds-table), starting from data for March 16, 2000. With the date of the change approaching, we will summarize below the changes planned.

1. See "Changes Regarding Money Market Operations Data" released on February 14.

1. Changes in the format of the funds-table
   • The calculation formula for the funds-table will be changed as follows.
     Old formula:
     Funds surplus/shortage + money market operations = changes in reserve balances.
     New formula:
     Funds surplus/shortage + money market operations = changes in current account balances.
   • The Bank will start using the new format from the funds-table carrying projections for March 16, which will be released after 5:30 p.m. on March 15. The old format will be used for data through March 15.
   • The Bank will stop compiling figures for final results currently released the following morning (the final results for March 15 released around 10:00 a.m. on March 16 will be the last). Instead, the figures currently released as preliminary results will be released as the final results in the new format.²
     • 2The Bank currently compiles figures for projections (released after 5:30 p.m. on the previous business day), preliminary results (released after 5:30 p.m. on the day concerned), and final results (released after 10:00 a.m. on the following business day).
2. Release of the funds-table in English
   The Bank will start releasing the daily funds-table in English from the table carrying projections for March 16, released after 5:30 p.m. on March 15. The English version will be released at the same time as the Japanese version: projections will be released after 5:30 p.m. on the previous business day, and the results will be released after 5:30 p.m. on the day concerned.
3. Discontinuation of the announcement of the projected reserve excess/shortfall
   In accordance with the changes in the formula for the funds-table, the Bank will discontinue the announcement of the projected reserve excess/shortfall, which is usually made at 9:20 a.m., when the money market operations for the day are announced. Instead, it will announce projections of the daily increase/decrease in current account balances (the change after implementation of money market operations during the day).
   The final current account balance on March 15 will be available in the preliminary results (old format), which will be released after 5:30 p.m. on March 15.
4. Advance of the release of "Figures on Reserves"
   The Bank will advance the release of "Figures on Reserves" to the evening of the last business day of the reserve maintenance period concerned from around 10:00 a.m. on the first business day of the next reserve maintenance period. This will begin from data for the reserve maintenance period from February 16 to March 15, which will be released after 6:30 p.m. on March 15.

For further information, contact
Open Market Operations Division, Financial Markets Department Mr. Atsushi Miyanoya (+81-3-3277-1234) or Mr. Jun Iwasaki (+81-3-3277-1284)