Many emerging markets and developing economies around the world, including in Africa, have seen their currencies fall sharply in value over the last year, mainly because of lower commodity prices and a reversal of capital flows. The depreciation of the exchange rate has implications for the macroeconomy and for the different sectors of the economy.
In addition, the Bank has raised the pace at which it purchases JGBs so that their amount outstanding will increase at an annual pace of about 80 trillion yen, implying that it is purchasing a large proportion of the JGBs issued on a flow basis.