At present, in the guideline for market operations, the Bank sets the short-term policy interest rate at minus 0.1 percent and the target level of the 10-year Japanese government bond (JGB) yields at around 0 percent, conducting JGB purchases so as to achieve this target level. Almost eight months have passed since the Bank introduced "QQE with Yield Curve Control."
It is on this basis that the Reserve Bank recently took the (micro-prudential) measure of increasing high LVR risk weights on the housing exposures of the major banks (RBNZ, 2013c). BIS central bankers’ speeches  5  A number of countries have applied LVR restrictions over the past few years, including Canada, Sweden, Norway, Israel, Korea and Hong Kong SAR.