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The policy-setting panel of the Bank of Japan voted unanimously for maintaining quantitative monetary easing, in which it sets a roughly 5 trillion yen target for the outstanding balance of its current accounts, according to the minutes released Wednesday of its meeting April 12 and 13.

The nine-member Policy Board was also united in voting for a proposal that the BOJ provide more ample liquidity in case of financial market instability, the minutes show.

As for future policy measures, the nine agreed it is difficult to discuss further monetary easing because an analysis of the effectiveness of the current easy policy has not been fully conducted, the minutes show.

On March 19, the BOJ shifted its monetary policy target from the unsecured overnight call rate to the balance of funds held in current accounts at the central bank, effectively resuming the “zero-interest-rate” policy.

The BOJ also decided that it would increase outright purchases of outstanding government bonds when liquidity in financial markets needed boosting.

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