Concretely, while significantly increasing the amount of JGB purchases, the Bank expanded the range of 10year JGB yield fluctuations from the target level, from between around plus and minus 0.25 percentage points to between around plus and minus 0.5 percentage points.
Although these modifications expanded the range of yield fluctuations, the Bank considered that they would have the significant merit of facilitating the transmission of monetary easing effects more smoothly, such as through corporate financing. It will take more time to assess the impact of the modifications on market functioning.