Effects of a Decline in Interest Rates with Different Maturities on Economic Activity and Prices  The effects were relatively large for short- and medium-term interest rates and became smaller the longer the maturity.  An excessive decline in super-long-term yields could have a negative impact on economic activity by, for example, undermining people's sentiment.
Inflation-Overshooting Commitment  The "makeup strategy," which this commitment is implementing, is appropriate. Chart 12  Assessment for Further Effective and Sustainable Monetary Easing (cont'd) Effects on the Functioning of the JGB Market  With the range of fluctuations in interest rates having narrowed, the functioning of the JGB market has decreased.