As the third measure of the comprehensive monetary easing policy, the Bank established the Asset Purchase Program to purchase various financial assets, such as government securities, CP, corporate bonds, exchangetraded funds (ETFs), and Japan real estate investment trusts (J-REITs), as well as to conduct fixed-rate funds-supplying operations against pooled collateral whereby funds with a maturity of three or six months are provided at an interest rate of 0.1 percent.
Hoffmaister (1997), Engebrecht (1997), Frantzen (2000) and Griffith, Redding and van Reenen (2004). 13 See, e.g., Bartelsman, E., Haltiwanger, J. and S. Scarpetta (2013), “Cross-Country Differences in Productivity:  The Role of Allocation and Selection”, American Economic Review, 103(1): 305–334 and Haltiwanger, J., Jarmin R., Kulick, R. and J. Miranda (2016), “High Growth Young Firms: Contribution to Job, Output and Productivity Growth”, mimeo.