Foreign Currency Deposit - Gaikayotaku

Japanese: 外貨預託 - がいかよたく

This refers to the deposit of foreign currency with foreign exchange banks from the government's Foreign Exchange Fund Special Account (import foreign currency deposit system), and is different from the MoF account. In March 1971, the Ministry of Finance began direct deposit of foreign currency from foreign exchange reserves to foreign exchange banks, in order to avoid an increase in dollar shifts due to a decline in short-term interest rates in the United States and a sudden increase in foreign exchange reserves, and this complemented the Bank of Japan's import loan system. As a result, the foreign currency required for import usance by Japanese exchange banks, which had previously relied solely on American banks, was partially (a certain percentage) covered by foreign exchange reserves. The interest rate differential arising from this system is not attributed to the foreign exchange banks, but is entirely returned to the importers as an adjustment band.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

政府の外国為替資金特別会計より外国為替銀行に対する外貨の預託 (輸入外貨預託制度) をいい，モフ勘定とは異なる。 1971年3月に大蔵省はアメリカの短期金利の低下によるドル・シフトの増加と外貨準備の急激な増加を避けるねらいから，外国為替銀行に対し外貨準備からの外貨直接預託を開始，日本銀行輸入資金貸付制度を補完することとなった。この結果それまでもっぱらアメリカの銀行に依存してきた日本の為替銀行の輸入ユーザンス供与のために必要な外貨は，外貨準備で一部 (一定割合) 肩代りされることとなった。なお本制度によって生じる金利差は，外国為替銀行に帰属することなく，すべて調整幅として輸入者に還元される。

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