Chart 11  Monetary Policy Guideline for Market Operations under Yield Curve Control  The Bank's Measures in Response to COVID-19  Short-term policy interest rate: applying a negative interest rate of minus 0.1 percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank  Supporting Corporate Financing  Long-term interest rate: purchasing a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around zero percent  Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19) (mainly targeting small and medium-sized firms)  In order to implement the above guideline for market operations, the Bank will offer to purchase 10-year JGBs at 0.25 percent every business day through fixed-rate purchase operations, unless it is highly likely that no bids will be submitted (decided in April 2022).
Duration: until end-September 2022 (extended in December 2021)  Future Conduct of Monetary Policy The Bank will continue with Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner.