Subsequently, there were phases in which the volatility in the JGB market heightened as market participants digested the QQE’s contents, and long-term interest rates rose in reflection of the cautious attitude of market participants toward JGB investment. In response, based on its dialogue with market participants, the Bank has been improving its methods of purchasing JGBs.
Based on our regular economic and monetary analyses, and in line with our forward guidance, the Governing Council decided to keep the key ECB interest rates unchanged. As regards non-standard monetary policy measures, the asset purchases are proceeding smoothly and continue to have a favorable impact on the cost and availability of credit for firms and households.