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Rayong Travel on Compared to this administrative guidance, other, more conventional methods of monetary policy, such as open market operations played a much smaller role (in particular, because the bonds market itself was very undeveloped). Things changed dramatically when the era of high growth came to an end in the 1970s. The real growth rate in the Japanese economy declined sharply and so did private investment demand. Two oil shocks created significant inflationary pressures and also led to big government budget deficits and the issuance of large quantities of government bonds. BOJ was forced to change both the goals and the means of its monetary policy. Since the second half of the 1970s it had decisively shifted its focus to combating inflation. In the wake of reduced corporate investment demand, commercial banks no longer needed access to the BOJ line of credit to secure enough reserves, so that window guidance was no longer an option as an instrument of monetary policy either. Rayong Travel 2016.

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