With this in mind, the Bank committed itself to continue with large-scale monetary expansion until such situation is achieved through this unique inflation-overshooting commitment. 3  The second component of the new policy framework is yield curve control.
Under this framework, the Bank sets the levels of short- and long-term interest rates as the operating targets in the guideline for market operations, instead of the amount of increase in the monetary base and the amount of JGB purchases in the previous frameworks.