It should be emphasized, however, that the purpose of this significant scale of JGB purchases is to achieve sustainable growth with price stability, and that the Bank rigidly maintains its policy of not conducting purchases of JGBs for the purpose of financing government debt. BIS central bankers’ speeches  5  2.
The neutral rate, too, is uncertain. We estimate that it now lies between 3 and 4 per cent, which is well below pre-crisis levels. But since the difference between current rates and the neutral rate is our best estimate of monetary stimulus, understanding the risks around this is also important.