The Bank of Japan did not inject fresh liquidity today through its day-to-day money market operations, allowing the liquidity level to fall below the 30-35 trln yen target range for the first time since the goal was set in March 2001. A central bank official, who declined to be named, said the BoJ did not put in additional liquidity through its daily money market operations but instead offered repurchase instruments which will not affect the balance of funds held by commercial banks at the BoJ. Yesterday, the current account balance stood at 31.36 trln yen and the BoJ estimated that the balance could fall by 2.2 trln yen today because corporate tax money held in the accounts will shift to the government's account later in the day. Since the start of 2005, the BoJ has struggled to meet its daily target for liquidity injection since banks are less willing to maintain huge fund surpluses -- the target range is five to six times the legally required limit -- now that concern over their bad-loan problems has greatly eased. At the latest policy board meeting held last month, the BoJ decided to allow a temporary under-shooting of the target range, citing weak demand for finances from banks. However it kept the range at 30-35 trln yen. Atsushi Mizuno, a Bank of Japan policy board member earlier today called on the Bank of Japan to consider gradually lowering its liquidity target range to reflect receding demand for funds from banks. "Personally, I think the liquidity target level can be lowered already," Mizuno said. "And if I was asked for my view on what is the most appropriate monetary policy, I would say 'that is the zero interest rate policy," he said.