In addition, while the yields for on-the-run issues of 10-year JGBs, which are eligible for fixed-rate purchase operations, had been at 0.25 percent or lower, issues of 20-year JGBs with a residual maturity of 10 years were traded at a higher interest rate (Chart 5).
We would not have managed this without unconventional measures.7 I do not believe that central bank independence is sustainable if unelected bureaucrats refuse to take the actions necessary to honour their legal mandate. It is true that some of these tools have been unpopular, but central banks are no strangers to unpopularity.