Now the bond with maturity closest to 3 years is the April 2024. Since early November, we have purchased $ billion of the April 2024 bond to meet the objective of maintaining the 3-year yield around 10 basis points. In November, the Board announced a quantity bond purchase program that is complementary to the 3-year yield target.
To repeat, the priorities in 1999 will be to rebuild Japan’s economy and financial system, and thereby lay the foundation for a globally credible yen. The Bank of Japan is determined to support these efforts through its monetary policy and financial system policy. *  *  *  BIS Review 15/1999