•  The BOJ currently purchases Japanese government bonds (JGBs) at an annual pace of about 50 trillion yen (on an outstanding basis) each year to double the amount outstanding in two years (2013–14). It also purchases treasury discount bills (T-Bills), exchange-traded funds (ETFs), Japan real estate investment trusts (J-REITs), and other assets.
But as we know with the benefit of hindsight, for a long time market forces did  BIS central bankers’ speeches  1  not perform the desired function of signalling concerns about fiscal sustainability to borrowing governments at an early point.