Moreover, in April 2007, the Bank presented in the Outlook Report its assessment of the outlook for price developments based on the “understanding,” and in December 2009 it provided further clarification with regard to the numerical value in the “understanding.”15 With regard to the current comprehensive monetary easing, the time horizon of the policy is clarified by making it explicit that the “understanding” is the basis for the judgment regarding the duration of the virtually zero interest rate policy.
3. Establishment of the Asset Purchase Program  The third measure of the comprehensive monetary easing policy, the Asset Purchase Program, aims at encouraging a decline in longer-term interest rates and various risk premiums to further enhance monetary easing.