Long-term real interest rates have become less likely to decline despite the continued increase in the amount outstanding of the Bank's JGB holdings, and therefore the additional effects of QQE have been diminishing.
Given this situation, I consider that a reduction in the pace of the Bank's JGB purchases will only marginally decrease the additional effects of QQE, while it can restrain the increase in its side effects, thereby enabling the balance between the positive effects and the side effects to improve. 6  BIS central bankers’ speeches  2.