yen Strengthening the Framework for Continuous Powerful Monetary Easing (July 2018)  80  0.15  Average from CY 2016 through 2017  70  0.10  0.05  60  0.00  50  Transaction volume in the JGB market 6-month backward moving average  -0.05 Jan. 2017  Jul. Jan. 2018  Jul. Jan. 2019  Jul.
40 CY13  14  15  16  17  18  19  Notes: 1. In the left chart, figures are slopes in a simple regression model (90-day backward rolling regression) in which the dependent variable is daily changes of 10-year JGB yields and the explanatory variable is daily changes of 10-year U.S. Treasury yields (one-period lag).