BoJ’s special funds operation most effective for CP market
Outright purchases and commercial paper repo operations in Japan initially had favourable effects, but petered out, according to a paper published on Monday by the Bank of Japan.
The paper focuses on three of the Bank of Japan's five measures to address problems in corporate financing: the CP repo operation, outright CP purchases and the special funds supplying initiative. It proposes a structural model encompassing the primary CP market in Japan and the central bank's operations, and finds that
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