I. Remarks on the Purpose of the Unscheduled Monetary Policy Meeting
The chairman first provided the following explanation for calling an unscheduled Monetary Policy Meeting.
(1) There seemed to be an increased risk that recent international financial developments and foreign exchange market instability might adversely affect economic activity through an impact on such factors as business sentiment.
(2) Given this situation, the chairman decided to call an unscheduled Monetary Policy Meeting, in accordance with Article 17, paragraph 3 of the Bank of Japan Act, to receive the staff's report on recent developments in financial markets and consider how money market operations should be implemented.