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½Ð¤¿¤Î¤¬ºòÆü¤ÎͼÊý¶á¤¯¤Ç¤·¤Æ¡¢ËܶȤʤÉ(¾Ð)¤¬Ë»¤·¤¯¤ÆÆÉ¤ó¤Ç¤ë»þ´Ö¤¬NEEEEE!¤À¤Ã¤¿¤Î¤Ç(¼Ð¤áÆÉ¤ß¤Ï¤·¤Þ¤·¤¿¤±¤É)´º¤¨¤Æ¥¹¥ë¡¼¡£ ¥â¥Î¤Ï¤³¤Á¤é¢[³°Éô¥ê¥ó¥¯] transmission of money market tensions[³°Éô¥ê¥ó¥¯] Intraday volatility of overnight interest rates and central banks' market operations ¡ØIntraday volatility of overnight rates reflects the magnitude of financial institutions' liquidity gap and the degree of fine-tuning of central banks' market operations. The larger the financial institutions' liquidity gap, the higher the intraday volatility of overnight interest rates. Meanwhile, the more inclined central banks are to fill liquidity gaps in the market, the lower the intraday volatility of interest rates.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢ÌµÃ´¥³¡¼¥ë¤È¤«¥Õ¥§¥É¥Õ¥¡¥ó¥É¤ÎÆüÃæÃÍÆ°¤¤Ë´Ø¤¹¤ë¹Í»¡¤ò¤·¤Æ¤Þ¤·¤Æ¡¢¤Þ¤¢Îã¤Ë¤è¤Ã¤ÆÃæ¿ÈÆÉ¤ó¤Ç¤Í¤È¤¤¤¦Ïäˤʤë¤Î¤Ç¤¹¤¬¡¢¤³¤ÎÆüÃæ¥Ü¥é¤¬¾å¾º¤¹¤ë¤ÈÇ¡²¿¤Ê¤ë°±Æ¶Á¤¬¤¢¤ë¤«¤È¤¤¤¦ÀâÌÀ¤¬¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤Þ¤¢¤½¤¦¤Ç¤¹¤«¤Í¤È¤¤¤¦¤È¤³¤í¤Ç¤½¤ó¤Ê¤Ë°ãÏ´¶¤Ê¤·¡£ ¡ØIntraday volatility of overnight interest rates may affect the liquidity premium on term funding. If the intraday volatility of overnight rates gets high, banks become concerned about their daily funding and are inclined to raise more funds from term funding markets, which leads to an increase in liquidity premium. In contrast, if the intraday volatility of overnight rates remains low, banks feel secure about their daily funding and are less inclined to raise funds from term funding markets, which reduces the liquidity premium.¡Ù ÆüÃæ¥Ü¥é¤¬¾å¾º¤¹¤ë¤ÈήưÀ¥ê¥¹¥¯¥×¥ì¥ß¥¢¥à¤¬°Õ¼±¤µ¤ì¡¢¥¿¡¼¥àʪ¤Î¥ì¡¼¥È¤Ê¤É¤Ë¤â¤¨¤¤¤¤ç¤¦¤òÍ¿¤¨¤ë¤È¤¤¤¦¤ªÏäǡ¢¤Þ¡¼¤É¤Ã¤Á¤¬¤É¤Ã¤Á¤Ê¤Î¤è¤È¤¤¤¦¤Î¤Ï¤¢¤ê¤Þ¤¹¤¬¡¢¤³¤ì¤Ï¤Þ¤¢Áê¸ß¤Ë±Æ¶Á¤òÍ¿¤¨¤Æ¤¤¤ë¤È¤¤¤¦(ËèÅÙ¤ª¤Ê¤¸¤ß¤Î¥Õ¥¡¥¸¡¼¤Ê)¤ªÏäˤʤë¤ó¤Ç¤·¤ç¤¦¤«¤Í¡£¿Þɽ¤Ç¤â¤½¤ó¤Ê´¶¤¸¤Î³¨¤¬¡£ ¤Ç¡¢¤µ¤Ã¤¤´¾Ò²ð(¤È¤¤¤¦¤«ºÆ·Ç)¤·¤¿ÆüËܸì¤ÎÉôʬ¤Ç¤¹¤±¤É¡¢±Ñʸ¤Ç¤Ï¤³¤ó¤ÊÀâÌÀ¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤¹¡£ ¡ØOn the other hand, intraday volatility of the call rates in Japan's overnight market has remained low. This is probably because there is relatively little uncertainty about Japanese banks' funding environment due to their limited exposure to subprime-related products. In addition, by actively providing liquidity using a variety of operational tools and by extending the average term of providing operations ? e.g. the Bank of Japan started providing fundscovering calendar and fiscal year-end, earlier than in previous years - (Box Figure 2), the Bank of Japan has stabilized the overnight rates at around the target level in order to prevent the intraday liquidity gap from widening.¡Ù ¤È¤Ê¤Ã¤Æ¤Þ¤·¤Æ¡¢(°úÍѤ·¤Þ¤»¤ó¤¬)Æü¶ä¤¬¥µ¥Ö¥×¥é¥¤¥àÌäÂê¤Ë¤è¤ë¶âÍ»»Ô¾ì¤Îº®Íð¤ËÂбþ¤·¤¿·Á¤Ç¡¢ºòǯ¤Î9·î¤«¤é12·î¤Ë³Ý¤±¤Æ90Æü°Ê¾å¤Î¥¿¡¼¥à¤Î¥ª¥Ú¥ì¡¼¥·¥ç¥ó¤ÎÈæÎ¨¤òÁý¤ä¤¹¤³¤È¤Ë¤è¤Ã¤Æ¥¿¡¼¥àʪ¥ì¡¼¥È¤ÎÍî¤ÁÃ夤ò¿Þ¤Ã¤¿¤È¤¤¤¦¥°¥é¥Õ¤¬¼¨¤µ¤ì¤Æ¤¤¤Þ¤¹¡£ ¡¦¡¦¡¦¡¦¡¦¤¨¡¼¤Ã¤È¡¢À޳Ѥʤó¤Ç¤¹¤«¤éÆüËÜÈǤǤ⤳¡¼¤æ¡¼¤ÎÀâÌÀ¤¹¤ì¤ÐÎɤ¤¤Î¤Ë¤È¤«»×¤¦¤ó¤Ç¤¹¤¬¡¢¥Ä¥ó¥Ç¥ì°À¤¬¤¢¤ë¤Î¤«²¿¤À¤«ÃΤê¤Þ¤»¤ó¤¬(°ã)¹ñÆâ¸þ¤±¤Ç¤Ï½Ð¤µ¤Ê¤¤¤Î¤Í¡£¤È¤«»×¤Ã¤Æ¤¿¤éºÇ½é¤Ë¤´¾Ò²ð¤·¤¿¥ì¥Ý¡¼¥È¤¬½Ð¤Æ¤¤Þ¤·¤¿¤Î¤Ç¡¢¤Þ¤¢Æü¶ä¤ÎÄ´Àá¤ÏÀ¤³¦°ì¤Ã¤Æ¤Î¤ò¤½¤Ã¤Á¤Ç¤´³Îǧ²¼¤µ¤¤(^^)¡£
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