Bank of Japan Figure 8. JAPAN: RESERVE BALANCES AT BOJ (trillion yen, reserve adjusted 0 LT,,,T,T,。0 Z- Zero Interest Rate Policy. Note: Blue shade is Quantitative Easing Policy Source: Bank of Japar JAPAN: INTEREST RATES (percent) Government Bank of Japan Overnight Rate g21931g41951961g71gg1gg100 I o2 I 0304los10610710g10g1olnl1211311411s116117118 ote: Blue shade is Quantitative Easing Policy Source: Bank of Japan. Page 7 /June 22, 2016/ Global Economic Briefing: Central Bank Balance Sheets Yardeni research www.yard89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 0 100 200 300 0 100 200 300 Z May Note: Blue shade is Quantitative Easing Policy. Z = Zero Interest Rate Policy. JAPAN: RESERVE BALANCES AT BOJ (trillion yen, reserve adjusted) yardeni.com Source: Bank of Japan. Figure 8. 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 -2 0 2 4 6 8 10 -2 0 2 4 6 8 10 6/24 JAPAN: INTEREST RATES (percent) 10-Year Government Bond Yield Bank of Japan Overnight Rate Note: Blue shade is Quantitative Easing Policy. Z = Zero Interest Rate Policy. Source: Bank of Japan. yardeni.com Figure 9. Bank of Japan Page 7 / June 22, 2016 / Global Economic Briefing: Central Bank Balance Sheets www.yardeni.com Yardeni Research, Inc