Moreover, my consideration was that, if the Bank were to go so far as to change the monetary policy framework, the most effective timing would be after the installation of new leadership at the Bank.
Through the discussion made at the April 3–4 MPM, I reached the conclusion that the measures for large-scale JGB purchases and their maturity extension were expected to generate stronger monetary easing effects than the proposal I had been submitting, in that they would further put strong downward pressure on the entire yield curve.