In addition, the separation of the two operations has caused the problem of the true scale of monetary easing (as well as the average maturity length of JGBs purchased) to be underestimated by the public and market participants; this is in contrast to the actions of the Federal Reserve and the BOE, which covered the total amount of asset purchases.
The Bank decided, therefore, in August 2011 to place a footnote describing the yearly amount of JGB purchases under the Rinban operation in the public statements on monetary policy whenever monetary easing was increased. Contrary to the initial purpose, however, inserting the footnote appears to have amplified perceptions of complexity without promoting an understanding of the Bank’s intention.