BIS central bankers’ speeches  9  The third part of the CME is the Asset Purchase Program, which is also designed to meet the cycle stabilization challenge. The first half of the Asset Purchase Program aims to influence downward longer-term risk-free rates.
That is, the outright purchase of JGBs with remaining maturity of 1–2 years and T-bills is to reduce the term-premiums of risk-free rates. The scheme to provide 3- and 6-month funds at the overnight rate already instituted was aimed at lowering rates longer than the overnight rate, and has been continued and included in this program.