As an application of these discussions, I would now like to turn to the outright purchase of long-term JGBs by the Bank. Many central banks in major industrialized countries conduct monetary policy mainly through money market operations. It is only those in the United States and Japan that also conduct the outright purchase of long-term government bonds on a large scale.
Even before the Bank began quantitative easing, it was effecting the outright purchase of long-term JGBs to provide liquidity for sustainable growth in line with the long-term trend increase in banknotes.