Its quantitative easing was implemented by buying long-term government bonds and it also gave a commitment to maintain official interest rates at zero for a long time. In effect, therefore, the quantitative easing undertaken by the Bank of Japan was combined with measures to flatten the yield curve.
The evidence suggests that these measures were effective in lowering the yield curve in Japan, particularly the medium-term point of the curve. Conclusions Let me conclude. With central banks doing unconventional things, it is not surprising that there is considerable debate about the effectiveness and consequences of the various measures. On the one hand, some argue that the measures will be ineffective.