In these circumstances, the Bank decided on the establishment of the Asset Purchase Program (hereafter the Program) as the third measure in the comprehensive monetary easing package.
Like other Policy Board members, I felt that the Bank should consider a variety of policy options without precluding measures that are temporary or extraordinary for a central bank, such as directly influencing longer-term rates and expanding the type of financial assets eligible for the Bank’s purchases. The details of the Program are as follows.