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The Bank Of Japan's Monetary Policy During The Global Financial Crisis

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Executive Summary

The global financial crisis forced the world's central banks to adopt non-traditional and unconventional policy measures, in addition to lowering their policy interest rates. The Bank Of Japan (BOJ), which has been seeking steps to normalize interest rates since it ended its policy of quantitative easing in 2006, has been introducing various measures to tackle the crisis. However, as part of the lesson learned from its quantitative easing policy, the BOJ instituted its Complementary Deposit Facility (a system to remunerate on holdings in excess of required reserves) so that its policy interest rate will not be at zero level.

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