Key money market rate at 0.02 pc in Tokyo.
The key money market rate stayed mainly at 0.02% in Tokyo on Wednesday morning, unchanged from Tuesday's weighted average.
Brokers said fund demand remains weak as the Bank of Japan (BOJ) continues to provide ample liquidity in the market.
At its regular morning operation time, the central bank drained 100 billion yen from the market, leaving a surplus there of 1 trillion yen for the 38th consecutive trading day.
Shortly after its morning operation, the BOJ issued a statement saying it supports the Finance Ministry's intervention policy and that it strongly hopes for an early return of stabilization in the foreign exchange markets.
The BOJ also said it will promptly provide sufficient funds for the money market if "excessive movements" in the foreign exchange markets disrupt domestic financial transactions.
The statement briefly lifted the dollar to 102.55 yen during Tokyo morning trading.
On the primary market, three-month certificates of deposit were offered at between 0.28% and 0.33%, but no deals were struck.
At noon, the yield on the benchmark June 2000 futures contract on three-month Euroyen interest rates was at 0.285%, down 0.02 percentage point from late Tuesday.
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|Publication:||Japan Weekly Monitor|
|Date:||Dec 6, 1999|
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