1.4  %  1.2  JGB yield curve  1.0 0.8 0.6 0.4  Short-term policy interest rate "minus 0.1 percent"  0.2 0.0  Target level of the long-term interest rate "around zero percent"  -0.2 -0.4 0 1 2 3 4 5 6 7 8 9 10 year Source: Bloomberg.
15  20  30  40  residual maturity  13  Slide 14  Conduct of Yield Curve Control 10-year Government Bond Yields in Major Economies  Yield Curves in Major Economies 3.5  %  3.0  %  United States 3.0 2.5  United States  2.5  Germany  Germany Japan  Japan  2.0  2.0 1.5  1.5  1.0  1.0  US presidential election (November 8th)  0.5 0.5  0.0 0.0  -0.5 -1.0 1 year 2  3  5  7  10  20  30  -0.5 Jan-16  Jul-16  Jan-17  Jul-17  Jan-18  14  Source: Bloomberg.