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6 THE BANK OF JAPAN The Bank of Japan (BOJ) was also restructured in 1998 to strengthen its independence from central government. The nine-member Policy Board which determines changes in 16 An Introduction to Capital Markets the official discount rate consists of the Governor, the two Deputy Governors and six outside experts. The official discount rate is the interest rate charged by the BOJ on loans to financial institutions which have accounts at the Bank. The rate is applied when the BOJ buys commercial bills from financial institutions at a discount to their face or par value, and also when the BOJ lends money to such institutions against the collateral of qualified commercial bills.
31375 Source: Bloomberg. 24 An Introduction to Capital Markets in the London market. The rival reference rate to euro LIBOR is euribor which is calculated by the European Banking Federation in Brussels from the spot lending rates in the euro posted by a group of 57 banks based in the eurozone. 3 Applications of LIBOR LIBOR is frequently used in the financial markets as a benchmark or reference point for establishing payments. In the syndicated loan market the rate of interest paid by a borrower to the syndicate of lending banks is often reset every three or six months according to the LIBOR rate for the period, plus a spread in basis points based on the relative creditworthiness of the borrower.
This means that U S importers have to sell dollars to buy foreign currency such as yen and euros. As noted above, this exerts a downward pressure on the dollar. H owever foreign investors, particularly in Japan where interest rates are extremely low, have been strong buyers of dollars to purchase dollar-denominated assets such as U S Treasury bonds and U S equities. European companies have been stepping up their direct investment in the US through acquisitions of US-based companies completed in US dollars.