30 June 2003, 09:53 BOJ Taya, Suda opposed raising reserve target
TOKYO, June 30 - Bank of Japan Policy Board members Teizo Taya and Miyako Suda voted against raising the reserves target at a May 19-20 board meeting, minutes from the meeting showed on Monday.
The two board members said money markets were not unstable at the time and that a clause in the BOJ's previous statement allowing for the provision of more liquidity in case of market instability was sufficient.
The Bank of Japan eased credit at the May 19-20 meeting, raising its reserves target to 27-30 trillion yen ($226-251 billion) from 22-27 trillion yen to soothe concerns over instability in the wake of a government decision to inject money into Resona Holdings <8308.T>, the nation's fifth-biggest bank.
At a one-day meeting last week the BOJ kept its policy unchanged.
($1=119.65 Yen)//
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