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- October J Japan s balance of payment and an outbreak of negative call money rates in 2003 Foreign banks in Japan advanced call loans at negative rates in January 2003. In the same year, Japan s balance of payment was abnormal. The financial account changed to surplus in 2003 while this account had been in deficit since 1985. The purpose of the present paper is to consider the relationship between Japan s balance of payment and the outbreak of negative call money rates in 2003. Institutional investors lost the chance to invest in Japan through the monetary policy of the Bank of Japan since 2002. Institutional investors invested a lot of money in foreign bonds as a substitute for investment in Japan. As a result the swap rate modulated for this investment and shifted to negative rate. Negative swap rate bore negative call money rates in 2003. OKUDA, Hiroshi