Table 2: Changes in Monetary Policy from 2001 to the First Quarter of 2004

Year	Month	Changes in Monetary Policy
2001	19, Mar.	New Procedures for Money Market Operations and Monetary Easing [**] Change in the operating target for money market operations CPI guidelines for the duration of the new procedures Increase in the current-account balance at the Bank of Japan (5 trillion yen) and declines in interest rates (0.15%) Increase in outright purchase of long-term government bonds (400 billion yen)
2001	14, Aug.	Change in the Guideline for Money Market Operations [**] Increase in the current-account balance at the Bank of Japan (6 trillion yen) Increase in outright purchase of long-term government bonds (600 billion yen)
2001	18, Sep.	Change in the Guideline for Money Market Operations and Reduction in the Official Discount Rate [**] Change in the operating target for money market operations (above 6 trillion yen) Declines in interest rates (0.10%)
2001	19, Dec.	Change in the Guideline for Money Market Operations [**] Change in the operating target for money market operations (10 - 15 trillion yen) Increase in outright purchase of long-term government bonds (800 billion yen)
2002	28, Feb.	On Today's Decision at the Monetary Policy Meeting Change in the operating target for money market operations for the end of year Increase in outright purchase of long-term government bonds (1 trillion yen)
2002	18, Sep.	Introduction of "the Purchase/Sale of Japanese Government Securities with Repurchase Agreements" [*]
2002	30, Oct.	Change in the Guideline for Money Market Operations [*] (echoed with Government's Policy Package) Change in the operating target for money market operations (15 - 20 trillion yen) Increase in outright purchase of long-term government bonds (1.2 trillion yen)
2002	17, Dec.	Measures to Facilitate Smooth Corporate Financing
2003	20, March	Change of the Governor (from Hayami to Fukui)
2003	25, Mar.	On Today's Decision at the Monetary Policy Meeting Change in the operating target for money market operations (17 - 22 trillion yen) Increase in outright purchase of long-term government bonds (1 trillion yen)
2003	8, Apr.	Examination of Possible Purchase of Asset-Backed Securities [*]
2003	30, Apr.	Change in the Guideline for Money Market Operations [*] Change in the operating target for money market operations (22 - 27 trillion yen)
2003	20, May	Change in the Guideline for Money Market Operations Change in the operating target for money market operations (27 - 30 trillion yen)
2003	11, Jun.	Purchase of Asset-Backed Securities
2003	12, Sep.	Review of Extending Maturities of the Purchase/Sale of Japanese Government Securities with Repurchase Agreements
2003	10, Oct.	Enhancement of Monetary Policy Transparency On Today's Decision at the Monetary Policy Meeting Change in the operating target for money market operations (27 - 32 trillion yen)
2003	16, Dec.	Review of the Conditions regarding the Purchase of Asset-Backed Securities
2004	20, Jan.	Changes in the Guideline for Money Market Operations Change in the operating target for money market operations (30 - 35 trillion yen) Modification of the Conditions regarding the Purchase of Asset-Backed Securities
2004	26, Feb.	Study of the Introduction of a Facility to Enhance Liquidity of Japanese Government Securities Markets

(Note) Data source is the BOJ's web (www.boj.or.jo/en/seisaku).

[**] refers to all cases to construct both "knowledge dummy" and "revision dummy" and [*] does to those to make "revision dummy".