Through the Asset Purchase Program established on its balance sheet, the Bank purchases various financial assets – such as Japanese government securities (JGSs), CP, corporate bonds, exchange-traded funds (ETFs), and Japan real estate investment trusts (J-REITs) – and conducts the fixed-rate funds-supplying operation against pooled collateral.
The program is aimed at encouraging  BIS central bankers’ speeches  5  declines in longer-term interest rates and various risk premiums to foster more accommodative financial conditions for firms and households to raise sufficient funds at low interest rates.