The Bank of Japan's survey shows only 14.1% of households confident in the central bank, weakening the case for rate normalisation.

Central banks are converging on the same problem: the price of money is no longer the instrument that moves behaviour. In the euro area the ECB and Bundesbank both run full-allotment operations at the Governing Council's rate, so the size of the refinancing is set by how much banks choose to bid rather than by the price — the same shift from price to quantity that the RBI is managing, where the SDF absorbs ₹206,081 crore and the overnight segment clears at 5.35%. The resource-security bills in Japan and the Bank of Russia's structural-bond rules point the other way, moving risk from the state's balance sheet onto the fuel supply chain and onto issuers respectively.