Under this framework, the Bank shifted the main operating target from interest rates to the monetary base, and incorporated all of the four approaches that I outlined earlier. First, it encouraged a decline in long-term interest rates more powerfully than before through large-scale JGB purchases of which the amount far exceeded that under the comprehensive monetary easing policy.
Second, the purchase amount of assets, such as ETFs, was expanded substantially, thereby significantly strengthening the effects on risk premiums.