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Key money rate stays at 0.02% in Tokyo.

TOKYO, March 7 Kyodo

The key unsecured overnight call rate stayed at 0.02% on the Tokyo short-term money market Tuesday morning, unchanged from Monday's weighted average.

The Bank of Japan, through its daily market operation early in the morning, left the market with a surplus of 2.3 trillion yen, 1 trillion yen less than Monday's surplus.

The market is being kept cool by the central bank's caution in absorbing the huge fund surplus it had provided in preparation for possible computer glitches on Feb. 29, a special leap year day, money brokers said.

Although demand usually tightens for funds whose due dates fall later than March 31, the fiscal year-end, no increase is seen in the rates of such money contracts given the large surplus in the market, according to the brokers.

On the Tokyo International Financial Futures Exchange, the key September three-month Euroyen rate futures yielded 0.280%, up 0.005 percentage point from Monday.

Brokers said they failed to find direction in rate futures trading because of the morning drop on the Tokyo stock market and the easing of the yen.

No transactions took place on the primary market in certificates of deposit.
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Publication:Japan Weekly Monitor
Date:Mar 13, 2000
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