But it abandoned its base money
target and instead set a "yield curve control" under which it will buy long-term government bonds to keep 10-year bond yields around current levels of zero percent.
The Japanese central bank announced a doubling of its purchases of exchange-traded funds but maintained its base money
target at $775 billion.
The bank decided to keep its current monetary policy, of increasing base money
at an annual pace of around JPY80tn, unchanged.
Dubai Islamic Bank Pakistan Limited (DIBPL), a leading Islamic Bank in Pakistan and Western Union, a leader in money transfer and global payment services today announced the launch of international account base money
transfer services to Pakistan, setting up new standards of convenience for Western Union beneficiaries in Pakistan.
The Bank of Japan's policy board voted to maintain its key policy of increasing base money
at an annual pace of about 80 trillion yen (650 billion dollars) through asset purchases, dpa quoted the bank as saying in a statement issued after a two-day meeting.
So long as a dominant role for base money
in exchange exists, using it to provide the unit of account remains advantageous and is likely to outweigh any mooted benefits of separation.
However, while the Fed will not be adding base money
as it has been doing to the financial system what is there now will not be taken away before the Fed believes the expansion under way is more fully established.
in this program, Base Money
is defined as the sum of Base Money
A wider definition would incorporate the profits of the central bank arising from the issue of all base money
, calculated as the difference between what the bank pays on its liabilities (cash and reserves) and what it receives on assets (government overdrafts and treasury bills, etc.
The new RAM recognizes that, since the Monetary Control Act of 1980, an increasing proportion of depository institutions have not significantly changed their demand for base money
(vault cash and deposits at Federal Reserve Banks) relative to transactions deposits following changes in statutory reserve requirements.
They also demand base money
in the form of bank reserves in order to meet reserve requirements.
BOJ announced on Friday a doubling of its purchases of exchange traded funds but maintained its base money
target at $775 billion and kept the status quo for other asset-buying operations.