And it appears easy to understand that when long-term interest rates fall for some reason, the existence of such a purchase would make dealers more bullish than otherwise.
But, based on the observation that the yield on ten-year JGBs has been fluctuating between 0.4 percent and 1.4 percent for the past month or so, the relationship between long-term interest rates and the outright purchase of long-term JGBs may not be as simple as it appears. V.  Relationship between the Bank and its counterparties in market operations  A.