On this basis, I submitted another proposal at the MPM held on April 7 and 8, 2015 – that is, to (1) reduce the annual paces of increase in the monetary base and in the amount outstanding of the Bank’s JGB holdings from the current ones of about 80 trillion yen to about 45 trillion yen, which are levels below the initial pace employed at the time of the introduction of QQE; (2) change back the average remaining maturity of the Bank’s JGB purchases from the current one of about 7–10 years to the initial one of about seven years; and (3) reduce the annual paces of increase in the amounts outstanding of the Bank’s holdings of ETFs and J-REITs from the current ones of about 3 trillion yen and about 90 billion yen, respectively, to the initial ones of about 1 trillion yen and about 30 billion yen.
Since then, I have continued to submit the same proposal through the most recent MPM held on August 6 and 7.