The specific measures of the expansion included (1) acceleration in the annual pace of increase in the monetary base from about 60–70 trillion yen to about 80 trillion yen, and (2) an increase in the Bank's Japanese government bond (JGB) purchases so that the amount outstanding of its holdings would be increased from an annual pace of about 50 trillion yen to about 80 trillion yen.
First, the role of monetary policy in the cycle, and secondly, how the cycle may have changed over time to alter the way monetary policy impinges on the cycle. Characteristics of monetary policy A thumb-nail sketch of history serves as a reminder that the role of monetary policy in the cycle has been the subject of changing views over the years.