Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (1414)	3/3/1999 10:33:00 PM
From: porcupine --''''>	Read Replies (1) of 1722

Japan key overnight money at 0.02%,record low seen TOKYO, March 3 (Reuters) - Japan's unsecured overnight call money, the benchmark for the short-term money market, was traded at 0.02 percent in early Wednesday trade, with traders expecting the rate to hit a new record low on a weighted average basis by the end of the day. Traders said given a broker's fee of 0.02 percent, the de facto key overnight rate now stood at zero percent, reflecting the Bank of Japan's (BOJ) recent decision to guide the rate lower. The BOJ's Policy Board on February 12 decided to provide more ample funds to money markets to bring down the key unsecured overnight call rate to around a preliminary level of 0.15 percent and then to fall "as low as possible." The key overnight rate is highly likely to hit another record low on a weighted average basis on Wednesday after it fell to a record low 0.07 percent on Tuesday, they said. The BOJ announces the weighted average of the key call rate for the day late in the afternoon. The call rate's fall followed recent BOJ moves to steadily expand the money market surplus through its daily market operations. The BOJ injected 400 billion yen into the money market at its regular 0020 GMT operation on Wednesday, leaving the market with a surplus estimated at 1.8 trillion yen. That was the same as the surplus just after Tuesday's regular money market operation and up from a surplus of 700 billion yen a week ago. ((Tokyo Treasury Desk, +81-3-3432-8570 tokyo.newsroom@reuters.com))

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