Moreover, the Bank will be able to purchase asset-backed securities from the end of July, thus expanding the scope of the assets it purchases. People often talk about the so-called “unconventional monetary policy” under deflation. All of the above measures can be considered unconventional in light of traditional central banking.
Until recently, it appears that the zero interest rate policy and quantitative easing have been considered a special case for Japan, a country suffering from deflation. However, there are now several countries whose policy interest rates are approaching zero. For example, the short-term policy rate is 1 percent in the United States and zero to 0.75 percent in Switzerland.