In particular, I would like to stress that the most serious complexity problem arose from the fact that the purchase of JGBs was conducted through two types of operations: (1) one under the Program, and (2) the other as a regular JGB purchase operation (which, as noted earlier, is informally referred to as a Rinban operation).
From the beginning of my appointment as a member of the Policy Board, I have repeatedly emphasized at the Bank that it should integrate these two operations to avoid unnecessary complexity as well as other problems, which I will now explain.