I. Summary of Staff Reports on Economic and Financial Developments 4 A. Money Market Operations in the Intermeeting Period The Bank, in accordance with the guideline decided at the previous meeting on December 20 and 21, 2011, had been providing ample funds sufficient to meet demand in financial markets and was doing its utmost to ensure stability in the markets. 5 In this situation, the uncollateralized overnight call rate had been in the range of 0.070 to 0.090 percent. B. Recent Developments in Financial Markets In the money market, interest rates had been stable as the sense of an abundance of liquidity continued ... (full story)