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and corporate behavior. in addition, attention is warranted on the fact that even if the corporate sector as a whole is performing well, the business environment faced by individual firms varies amid the substantial changes in economic activity and prices. the bank will continue to closely monitor whether sustained wage hikes and their pass - through to selling prices will be achieved in a wide range of firms and whether the linkage between wages and prices will strengthen steadily. ii. the bank's conduct of monetary policy july 2024 monetary policy meeting next, i will talk about the bank's conduct of monetary policy. at the july 2024 monetary policy meeting ( mpm ), the bank decided on a plan for the reduction of its purchase amount of japanese government bonds ( jgbs ) and changed the policy interest rate. i will first briefly explain the background to these decisions. please take a look at chart 10. let me start with the plan for the reduction of the purchase amount of jgbs. the bank had already decided at the june mpm that it would reduce its purchase amount of jgbs, based on the understanding that, in principle, long - term interest rates are to be formed in financial markets. after carefully collecting views from market participants, at the july mpm, the bank decided on a detailed plan for the reduction. going forward, it will reduce its purchase amount of jgbs in a predictable manner, while allowing enough flexibility to support stability in the jgb markets. let me move on to chart 11. the bank raised the policy interest rate by around 0. 15 percent, deciding to " encourage the uncollateralized overnight call rate to remain at around 0. 25 percent. " this decision was based on the aforementioned assessment that japan's economic activity and prices had been generally in line with the bank's outlook and that underlying inflation had risen moderately. in addition, the bank took into account that import prices had risen again, reflecting the yen's depreciation since the beginning of this year, and that this had posed an upside risk to prices. in this situation, the bank judged it appropriate to raise the policy interest rate and adjust the degree of monetary accommodation from the perspective of sustainable and stable achievement of the price stability target of 2 percent. market developments since august and future conduct of monetary policy after the turn of august, the u. s. dollar weakened and stock prices declined worldwide, triggered by a growing concern over a slowdown in the u. s