In relation to this point, since September 2016, the Bank has implemented yield curve control, in which it sets the short-term policy interest rate at minus 0.1 percent, and purchases JGBs so that 10-year JGB yields remain at around 0 percent.
Under this framework, it can be described that market mechanisms allow the entire yield curve to be consistent with the levels of short- and long-term interest rates indicated as the operating targets in the guideline for market operations.