TOKYO (AFX-ASIA) - Bank of Japan governor Masaru Hayami said the outstanding balance of current accounts at the bank may exceed the existing level of 11 trln yen to cope with increased demand for funds ahead of the end-September book closing. The rise in the balance is an effective monetary easing. "The BoJ's balance of current accounts may exceed the existing level. I have been saying it will be 6 trln yen or above," Hayami said, asked whether the bank will maintain the current level of around 11 trln yen. Hayami told reporters at the prime minister's residence that the increase in the balance of current accounts is unrelated to recent unsterilised foreign exchange market intervention by the bank. "The increasing level of current accounts has nothing to do with that," he said. At its last policy meeting Sept 18, the bank decided to target a level for its balance of current accounts of "more than" 6 trln yen, though Hayami said then that the BoJ would maintain or exceed the level at the time of around 8 trln. Hayami also recently said the central bank would use dollar-buying currency market intervention to help increase liquidity in the money market. Meanwhile, forex dealers said the balance of current accounts could rise again today when the funds used in the latest intervention carried out on Monday are due for settlement.