First, it decided to change the main operating target for money market operations from the interest rate – namely, the uncollateralized overnight call rate – to the monetary base, and to conduct money market operations so that the monetary base would increase at an annual pace of about 60–70 trillion yen, doubling in two years, from 138 trillion yen at the end of 2012 to 270 trillion yen at the end of 2014.
Second, in terms of the qualitative aspect, with a view to encouraging a further decline in interest rates across the yield curve, the Bank decided to purchase Japanese government bonds (JGBs), so that the amount outstanding of its holdings would increase at an annual pace of about 50 trillion yen, similarly doubling in two years, from 89 trillion yen at the end of 2012 to 190 trillion yen at the end of 2014.