14 For arguments in favor of the regime shift, see The Economist (2022a, 2022b), Spence (2022), and Rogoff (2022a, 2022b). For arguments against the regime shift, see Krugman (2022a, 2022b) and Blanchard (2023a, 2023b). 13  7  The third factor is the end of globalization, or deglobalization.
The Bank purchases the Japanese government bonds (JGBs) so that their amount outstanding increases at an annual pace of about 80 trillion yen. This amount, “about 80 trillion yen”, substantially exceeds the planned amount of new financial resource bonds by the government, which means that final investors decrease their outstanding holdings of JGBs.