Bank of Japan Monetary Policy History: Summary

The following table details the monetary policy actions of the Bank of Japan.

The vote column refers to the votes for and against the policy decision which is released by the Bank of Japan from July 27, 2005, when the bank began publishing the votes on the same day of the policy decision.

============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
10/07/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
09/07/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
08/04/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
07/12/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
06/14/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
05/20/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
04/28/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
04/07/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
03/14/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
02/15/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
01/25/2011     0.0% to 0.1%       None         None     1.8 tln yen    8-0
12/21/2010     0.0% to 0.1%       None         None     1.8 tln yen    8-0
11/05/2010     0.0% to 0.1%       None         None     1.8 tln yen    8-0
10/28/2010     0.0% to 0.1%       None         None     1.8 tln yen    8-0
10/05/2010     0.0% to 0.1%      Easing        n/a      1.8 tln yen    8-0
09/07/2010         0.10%          None         None     1.8 tln yen    8-0
08/30/2010         0.10%          None         None     1.8 tln yen    8-0
08/10/2010         0.10%          None         None     1.8 tln yen    8-0
07/15/2010         0.10%          None         None     1.8 tln yen    8-0
06/15/2010         0.10%          None         None     1.8 tln yen    8-0
05/21/2010         0.10%          None         None     1.8 tln yen    8-0
04/30/2010         0.10%          None         None     1.8 tln yen    8-0
04/07/2010         0.10%          None         None     1.8 tln yen    8-0
03/17/2010         0.10%          None         None     1.8 tln yen    8-0
02/18/2010         0.10%          None         None     1.8 tln yen    8-0
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
01/26/2010         0.10%          None         None     1.8 tln yen    8-0

12/18/2009         0.10%          None         None     1.8 tln yen    8-0
12/01/2009         0.10%          None         None     1.8 tln yen    8-0
11/20/2009         0.10%          None         None     1.8 tln yen    8-0
10/30/2009         0.10%          None         None     1.8 tln yen    8-0
10/14/2009         0.10%          None         None     1.8 tln yen    8-0
09/17/2009         0.10%          None         None     1.8 tln yen    8-0
08/11/2009         0.10%          None         None     1.8 tln yen    8-0
07/15/2009         0.10%          None         None     1.8 tln yen    8-0
06/16/2009         0.10%          None         None     1.8 tln yen    8-0
05/22/2009         0.10%          None         None     1.8 tln yen    8-0
04/30/2009         0.10%          None         None     1.8 tln yen    8-0
04/07/2009         0.10%          None         None     1.8 tln yen    8-0
03/18/2009         0.10%          None         None     1.8 tln yen    8-0
02/19/2009         0.10%          None         None     1.4 tln yen    8-0
01/22/2009         0.10%          None         None     1.4 tln yen    8-0
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================

12/19/2008         0.10%         Easing       -0.20%    1.4 tln yen    7-1
12/02/2008         0.30%          None         None     1.2 tln yen    8-0
11/21/2008         0.30%          None         None     1.2 tln yen    8-0
10/31/2008         0.30%         Easing       -0.20%    1.2 tln yen    4-4
10/07/2008         0.50%          None         None     1.2 tln yen    7-0
09/17/2008         0.50%          None         None     1.2 tln yen    7-0
08/19/2008         0.50%          None         None     1.2 tln yen    7-0
07/15/2008         0.50%          None         None     1.2 tln yen    7-0
06/13/2008         0.50%          None         None     1.2 tln yen    7-0
05/20/2008         0.50%          None         None     1.2 tln yen    7-0
04/30/2008         0.50%          None         None     1.2 tln yen    7-0
04/09/2008         0.50%          None         None     1.2 tln yen    7-0
03/07/2008         0.50%          None         None     1.2 tln yen    9-0
02/15/2008         0.50%          None         None     1.2 tln yen    9-0
01/22/2008         0.50%          None         None     1.2 tln yen    9-0

============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
12/20/2007         0.50%          None         None     1.2 tln yen    9-0
11/13/2007         0.50%          None         None     1.2 tln yen    8-1
10/31/2007         0.50%          None         None     1.2 tln yen    8-1
10/11/2007         0.50%          None         None     1.2 tln yen    8-1
09/19/2007         0.50%          None         None     1.2 tln yen    8-1
08/23/2007         0.50%          None         None     1.2 tln yen    8-1
07/12/2007         0.50%          None         None     1.2 tln yen    8-1
06/15/2007         0.50%          None         None     1.2 tln yen    9-0
05/17/2007         0.50%          None         None     1.2 tln yen    9-0
04/27/2007         0.50%          None         None     1.2 tln yen    9-0
04/10/2007         0.50%          None         None     1.2 tln yen    9-0
03/20/2007         0.50%          None         None     1.2 tln yen    9-0
02/21/2007         0.50%       Tightening     0.25%     1.2 tln yen    8-1
01/18/2007         0.25%          None         None     1.2 tln yen    6-3

12/19/2006         0.25%          None         None     1.2 tln yen    9-0
11/16/2006         0.25%          None         None     1.2 tln yen    9-0
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
10/31/2006         0.25%          None         None     1.2 tln yen    9-0
10/13/2006         0.25%          None         None     1.2 tln yen    9-0
09/08/2006         0.25%          None         None     1.2 tln yen    9-0
08/11/2006         0.25%          None         None     1.2 tln yen    9-0
07/14/2006         0.25%       Tightening     0.25%     1.2 tln yen    9-0
06/15/2006         0.00%          None         None     1.2 tln yen    9-0
05/19/2006         0.00%          None         None     1.2 tln yen    9-0
04/28/2006         0.00%          None         None     1.2 tln yen    9-0
04/11/2006         0.00%          None         None     1.2 tln yen    9-0
03/09/2006         0.00%       Tightening       -       1.2 tln yen    7-1

-The main operating target is changed from the outstanding balance
of the current accounts held at the Bank of Japan to the uncollateralized
overnight call rate.
The outstanding balance of current accounts at the Bank of Japan will be
reduced towards a level in line with required reserves over a period of a
few months through short-term money market operations.
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================

02/09/2006    30 to 35 tln yen    None         None     1.2 tln yen    7-2
01/20/2006    30 to 35 tln yen    None         None     1.2 tln yen    7-2

12/16/2005    30 to 35 tln yen    None         None     1.2 tln yen    7-2
11/18/2005    30 to 35 tln yen    None         None     1.2 tln yen    7-2
10/31/2005    30 to 35 tln yen    None         None     1.2 tln yen    7-2
10/12/2005    30 to 35 tln yen    None         None     1.2 tln yen    7-2
09/08/2005    30 to 35 tln yen    None         None     1.2 tln yen    7-2
08/09/2005    30 to 35 tln yen    None         None     1.2 tln yen    7-2
07/27/2005    30 to 35 tln yen    None         None     1.2 tln yen    7-2
07/13/2005    30 to 35 tln yen    None         None     1.2 tln yen
06/15/2005    30 to 35 tln yen    None         None     1.2 tln yen
05/20/2005    30 to 35 tln yen    None         None     1.2 tln yen
              To allow reserves to fall below target if cash demand weak.
04/28/2005    30 to 35 tln yen    None         None     1.2 tln yen
04/06/2005    30 to 35 tln yen    None         None     1.2 tln yen
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
03/16/2005    30 to 35 tln yen    None         None     1.2 tln yen
02/17/2005    30 to 35 tln yen    None         None     1.2 tln yen
01/19/2005    30 to 35 tln yen    None         None     1.2 tln yen

12/17/2004    30 to 35 tln yen    None         None     1.2 tln yen
11/18/2004    30 to 35 tln yen    None         None     1.2 tln yen
10/29/2004    30 to 35 tln yen    None         None     1.2 tln yen
10/13/2004    30 to 35 tln yen    None         None     1.2 tln yen
09/09/2004    30 to 35 tln yen    None         None     1.2 tln yen
08/10/2004    30 to 35 tln yen    None         None     1.2 tln yen
07/13/2004    30 to 35 tln yen    None         None     1.2 tln yen
06/25/2004    30 to 35 tln yen    None         None     1.2 tln yen
06/15/2004    30 to 35 tln yen    None         None     1.2 tln yen
05/20/2004    30 to 35 tln yen    None         None     1.2 tln yen
04/28/2004    30 to 35 tln yen    None         None     1.2 tln yen
04/09/2004    30 to 35 tln yen    None         None     1.2 tln yen
03/16/2004    30 to 35 tln yen    None         None     1.2 tln yen
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
02/26/2004    30 to 35 tln yen    None         None     1.2 tln yen
02/05/2004    30 to 35 tln yen    None         None     1.2 tln yen
01/20/2004    30 to 35 tln yen   Easing     3 tln yen   1.2 tln yen

12/16/2003    27 to 32 tln yen    None         None     1.2 tln yen
11/21/2003    27 to 32 tln yen    None         None     1.2 tln yen
10/31/2003    27 to 32 tln yen    None         None     1.2 tln yen
10/10/2003    27 to 32 tln yen   Easing     2 tln yen   1.2 tln yen
                                           upper limit
09/12/2003    27 to 30 tln yen    None         None     1.2 tln yen
08/08/2003    27 to 30 tln yen    None         None     1.2 tln yen
07/15/2003    27 to 30 tln yen    None         None     1.2 tln yen
06/25/2003    27 to 30 tln yen    None         None     1.2 tln yen
06/11/2003    27 to 30 tln yen    None         None     1.2 tln yen
05/20/2003    27 to 30 tln yen   Easing    5 tln lower  1.2 tln yen
                                           3 tln upper
04/30/2003    22 to 27 tln yen   Easing     5 tln yen   1.2 tln yen
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
04/08/2003    17 to 22 tln yen    None         None     1.2 tln yen

- From April 1 BOJ raised it’s target to accommodate the new
 postal corporation that will manage state-run postal savings.
 This is technical and does not indicate a shift in policy.

03/25/2003    15 to 20 tln yen    None         None     1.2 tln yen
03/05/2003    15 to 20 tln yen    None         None     1.2 tln yen
02/14/2003    15 to 20 tln yen    None         None     1.2 tln yen
01/22/2003    15 to 20 tln yen    None         None     1.2 tln yen

12/17/2002    15 to 20 tln yen    None         None     1.2 tln yen
11/19/2002    15 to 20 tln yen    None         None     1.2 tln yen
10/30/2002    15 to 20 tln yen   Easing     5 tln yen   1.2 tln yen
10/11/2002    10 to 15 tln yen    None         None      1 tln yen
09/18/2002    10 to 15 tln yen    None         None      1 tln yen
08/09/2002    10 to 15 tln yen    None         None      1 tln yen
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
07/16/2002    10 to 15 tln yen    None         None      1 tln yen
06/26/2002    10 to 15 tln yen    None         None      1 tln yen
06/12/2002    10 to 15 tln yen    None         None      1 tln yen
05/21/2002    10 to 15 tln yen    None         None      1 tln yen
04/30/2002    10 to 15 tln yen    None         None      1 tln yen
04/11/2002    10 to 15 tln yen    None         None      1 tln yen
03/20/2002    10 to 15 tln yen    None         None      1 tln yen
02/28/2002    10 to 15 tln yen    None         None      1 tln yen
02/08/2002    10 to 15 tln yen    None         None     0.8 tln yen
01/16/2002    10 to 15 tln yen    None         None     0.8 tln yen

12/19/2001    10 to 15 tln yen   Easing     4 tln yen   0.8 tln yen
11/29/2001       6 tln yen        None         None     0.6 tln yen
11/16/2001       6 tln yen        None         None     0.6 tln yen
10/29/2001       6 tln yen        None         None     0.6 tln yen
10/12/2001       6 tln yen        None         None     0.6 tln yen
09/18/2001       6 tln yen        None         None     0.6 tln yen
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
08/14/2001       6 tln yen       Easing     1 tln yen   0.6 tln yen
07/13/2001       5 tln yen        None         None     0.4 tln yen
06/28/2001       5 tln yen        None         None     0.4 tln yen
06/15/2001       5 tln yen        None         None     0.4 tln yen
05/18/2001       5 tln yen        None         None     0.4 tln yen
04/25/2001       5 tln yen        None         None     0.4 tln yen
04/13/2001       5 tln yen        None         None     0.4 tln yen
03/19/2001       5 tln yen       Easing     1 tln yen   0.4 tln yen

-The main operating target is changed from the overnight call
rate to the outstanding balance of the current accounts held
at the Bank of Japan. These procedures will remain in effect
until the consumer price index (excluding perishables, on a
nationwide basis) registers stably a zero percent or an
increase year over year.

02/28/2001         0.15%         Easing       -0.10%
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
02/09/2001         0.25%          None         None
01/19/2001         0.25%          None         None

12/15/2000         0.25%          None         None
11/30/2000         0.25%          None         None
11/17/2000         0.25%          None         None
10/30/2000         0.25%          None         None
10/13/2000         0.25%          None         None
09/14/2000         0.25%          None         None
08/11/2000         0.25%       Tightening     0.25%
07/17/2000         0.00%          None         None
06/28/2000         0.00%          None         None
06/12/2000         0.00%          None         None
05/17/2000         0.00%          None         None
04/27/2000         0.00%          None         None
04/10/2000         0.00%          None         None
03/24/2000         0.00%          None         None
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
03/08/2000         0.00%          None         None
02/24/2000         0.00%          None         None
02/10/2000         0.00%          None         None
01/17/2000         0.00%          None         None

12/17/1999         0.00%          None         None
11/26/1999         0.00%          None         None
11/12/1999         0.00%          None         None
10/27/1999         0.00%          None         None
10/13/1999         0.00%          None         None
09/21/1999         0.00%          None         None
09/09/1999         0.00%          None         None
08/13/1999         0.00%          None         None
07/16/1999         0.00%          None         None
06/28/1999         0.00%          None         None
06/14/1999         0.00%          None         None
05/18/1999         0.00%          None         None
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
04/22/1999         0.00%          None         None
04/09/1999         0.00%          None         None
03/25/1999         0.00%          None         None
03/12/1999         0.00%          None         None
02/25/1999         0.00%         Easing       -0.15%
02/12/1999         0.15%         Easing       -0.10%
01/19/1999         0.25%          None         None

12/15/1998         0.25%          None         None
11/27/1998         0.25%          None         None
11/13/1998         0.25%          None         None
10/28/1998         0.25%          None         None
10/13/1998         0.25%          None         None
09/24/1998         0.25%          None         None
09/09/1998         0.25%         Easing       -0.25%
08/11/1998         0.50%          None         None
07/28/1998         0.50%          None         None
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
07/16/1998         0.50%          None         None
06/25/1998         0.50%          None         None
06/12/1998         0.50%          None         None
05/19/1998         0.50%          None         None
04/24/1998         0.50%          None         None
04/09/1998         0.50%          None         None
03/26/1998         0.50%          None         None
03/13/1998         0.50%          None         None
02/26/1998         0.50%          None         None
02/13/1998         0.50%          None         None
01/16/1998         0.50%          None         None

- The Bank of Japan introduces regularly scheduled monetary
 policy meetings and the publication of meeting minutes
beginning in 1998.

09/08/1995         0.50%         Easing       -0.50%
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
04/14/1995         1.00%         Easing       -0.75%

09/21/1993         1.75%         Easing       -0.75%
02/04/1993         2.50%         Easing       -0.75%

07/27/1992         3.25%         Easing       -0.50%
04/01/1992         3.75%         Easing       -0.75%

12/30/1991         4.50%         Easing       -0.50%
11/19/1991         5.00%         Easing       -0.50%
07/01/1991         5.50%         Easing       -0.50%

08/30/1990         6.00%       Tightening     0.75%
03/20/1990         5.25%       Tightening     1.00%

12/25/1989         4.25%       Tightening     0.50%
10/11/1989         3.75%       Tightening     0.50%
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
05/31/1989         3.25%       Tightening     0.75%

02/23/1987         2.50%         Easing       -0.50%

11/01/1986         3.00%         Easing       -0.50%
04/21/1986         3.50%         Easing       -0.50%
03/10/1986         4.00%         Easing       -0.50%
01/30/1986         4.50%         Easing       -0.50%

10/22/1983         5.00%         Easing       -0.50%

12/11/1981         5.50%         Easing       -0.75%
03/18/1981         6.25%         Easing       -1.00%

11/06/1980         7.25%         Easing       -1.00%
08/20/1980         8.25%         Easing       -0.75%
03/19/1980         9.00%       Tightening     1.75%
============================================================================
Announcement                                Amount of   Monthly Bond
Date              Target       Direction      Change     Purchases     Vote
============================================================================
02/19/1980         7.25%       Tightening     1.00%

11/02/1979         6.25%       Tightening     1.00%
07/24/1979         5.25%       Tightening     1.00%
04/17/1979         4.25%       Tightening     0.75%

03/16/1978         3.50%         Easing       -0.75%

09/05/1977         4.25%         Easing       -0.75%
04/19/1977         5.00%         Easing       -1.00%
03/12/1977         6.00%         Easing       -0.50%

10/24/1975         6.50%         Easing       -1.00%
08/13/1975         7.50%         Easing       -0.50%
06/07/1975         8.00%         Easing       -0.50%
04/16/1975         8.50%         Easing       -0.50%

12/22/1973         9.00%       Tightening     2.00%
08/29/1973         7.00%       Tightening     1.00%
07/02/1973         6.00%       Tightening     0.50%
05/30/1973         5.50%       Tightening     0.50%
04/02/1973         5.00%       Tightening     0.75%

10/02/1972         4.25%          n/a          n/a
============================================================================

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