All in all, these indicators appear to suggest that activity in the JGB market has not been affected significantly by the QQE. Nonetheless, there are a number of reasons why we cannot be sanguine about the functioning of the JGB market.
Even if one has to take into account the exchange rate developments and the build-up of foreign reserves of the Asian countries in that time span, the rising share of the Euro as an reserve currency mirrors a high degree of third party confidence in the currency union.