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markets have been stable on the whole as the bank has been providing ample liquidity. in capital markets, stock prices have risen considerably and long - term interest rates have risen, as market participants ’ pessimistic view of the outlook for the economy and prices has subsided slightly across the world. in corporate finance, the fund - raising environment continues to be easy on the whole. however, the environment for firms with relatively high credit risk remains severe. ii. conduct of monetary policy it has been three months since i presented my previous statement regarding the semiannual report on currency and monetary control. since then, the bank has implemented monetary policy measures governor fukui made almost the same statement regarding the semiannual report on currency and monetary control for the second half of fiscal 2002 before the committee on financial affairs, house of representatives, on july 16, 2003. in a timely manner against the background of increasing uncertainty about the outlook for the japanese economy. at the monetary policy meeting on april 30, 2003, the target for the outstanding balance of current accounts held at the bank was raised by 5 trillion yen. at that time, there was still considerable uncertainty about the prospects for recovery in the u. s. and european economies and the impact of sars was a matter of concern for east asian economies. on the financial side, stock prices in japan, especially for bank stocks, remained weak and volatile. taking account of this increasing economic and financial uncertainty, the bank decided to raise the target for the outstanding balance of current accounts to maintain financial market stability and thereby strengthen support for economic recovery. in the middle of may 2003, the bank implemented further policy measures to provide support from the financial side after the emergence of problems at resona bank. the bank decided to provide liquidity to resona bank when necessary, including loans pursuant to article 38 of the bank of japan law, which do not require submission of collateral. furthermore, regarding its money market operations, the bank decided to further raise its target for the outstanding balance of current accounts by 3 trillion yen to ensure an ample provision of funds. this reflected greater uncertainty about the outlook for the japanese economy due partly to instability in the stock and foreign exchange markets, in addition to uncertainty about overseas economies. with such significant uncertainties, the risk of further instability in financial markets adversely affecting economic activity was a cause for concern. however, owing to the timely implementation of a series of measures by the bank, overall conditions in financial markets have remained calm and no