With these challenges in mind, the central banks in the United States and Europe -- the Federal Reserve and the European Central Bank (ECB) -- have reviewed their frameworks of monetary policy recently. The Bank has faced these challenges earlier than these central banks. It started to pursue large-scale monetary easing from 2013 by introducing quantitative and qualitative monetary easing (QQE).
In summer 2016, it conducted a comprehensive assessment, which is equivalent to a review of the framework of monetary policy. Based on its findings, the Bank introduced "QQE with Yield Curve Control" in September 2016.