This was the first adjustment in nearly three years. This decision was not in response to a deterioration in the economic outlook since the previous update was published in early May. Rather, it reflected a judgement that we could do better than the path we looked to be on.
In terms of quality, in increasing the purchases of JGBs, those with all maturities including 40-year bonds were made eligible for purchase, and the average remaining maturity of the Bank’s JGB purchases was extended from slightly less than three years to about seven years.