Stanley Fischer: The great recession – moving ahead Speech by Mr Stanley Fischer, Vice-Chairman, Board of Governors of the Federal Reserve System, at “The Great Recession – Moving Ahead”, a conference sponsored by the Swedish Ministry of Finance, Stockholm, 11 August 2014.
Therefore, the Bank decided to massively purchase Japanese government bonds (JGBs), thereby putting downward pressure across the entire yield curve; i.e., not only short-term interest rates but also long-term interest rates including 10-year JGBs, as well as super-long-term interest rates of JGBs with maturities of 20 years or longer.