D.  Future conduct of monetary policy  My assessment is that QQE, which focuses on JGB purchases, already has exerted a considerable effect, as evidenced by the closing of the negative output gap at an early stage and the subsequent correction of the weak prices.
These descriptions often portray the Federal Reserve as one of the villains in this process, first by spiking the proverbial punch bowl to get the party rolling and then preemptively removing it once everyone was having a bit of fun.