In addition to the introduction of forward guidance, the Bank decided at the July MPM to enhance the sustainability of "QQE with Yield Curve Control." In persistently continuing with monetary easing, it is necessary to make adjustments to the policy framework so that it can function in a competent manner over the period of the easing's duration.
For example, while the current target level of 10-year JGB yields is around zero percent, as I mentioned earlier, the Bank made it clear that, under the target, the long-term yields might move upward and downward to some extent mainly depending on developments in economic activity and prices, thereby conducting market operations in a more flexible manner.