The second pillar is to engage in actions that embody the commitment specified in the first pillar. As exemplified by the phrase “quantitative and qualitative monetary easing”, those actions are to increase the “quantity” of the Bank’s balance sheet and change the “quality” of its asset purchases.
An increase in quantity requires massively increasing the amount of money the Bank directly supplies to the financial system – this is called “the monetary base” – at an annual pace of about 60–70 trillion yen.