BOJ's new IOER top-up program's aims and likely outcomes

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12 April 2021

In March, the BOJ launched a new deposit facility that pays an extra 10bps of annual interest on qualifying regional financial institutions’ excess reserves held at the BOJ. The program aims to better align BOJ policy with government policy and soften the BOJ’s NIRP. It should incentivize regional financial institutions to cut overhead expenses.

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