BoJ minutes reveal thinking behind dollar funding

The minutes of the Bank of Japan's Monetary Policy Meeting on 18 September reveal discussions that led to the central bank introducing dollar fund-supplying operations against pooled collateral as a temporary measure.

The proposal was made, the minutes said: "With the aim of further facilitating money market operations and maintaining the smooth functioning of the money market as well as ensuring stability in financial markets in view of the possible impact of recent liquidity pressures in the