In line with Eurosystem accounting rules, this appreciation is not recorded in the profit and loss account and therefore did not affect the Bank’s operating result, as it was reflected in a corresponding increase in the revaluation account on the liabilities side.
This ratio is 20 percent for the U.S. Federal Reserve and 23 percent for the Bank of England. As the BoJ will double the holdings of Japanese government bonds (JGBs) on its asset side when increasing the monetary base, the QQE also aims at putting strong downward pressure on long-term interest rates.