Source: Bank of Japan. Short-term rates  0.0 CY 11  12  13  Long-term rates  14  15  16  Note: Figures are interest rates on new loans. Source: European Central Bank.
13  Yield Curve Control (YCC) 1.0  %  1.6  0.8  1.4 Current yield curve  0.6  1.2  Introduction of QQE with YCC  0.4  1  0.2  0.8  0.0  0.6 Range of changes in interest rates after the introduction of QQE with YCC  -0.2  0.4  -0.4  -0.6 year  0.2  0 0  1  2  3  4  5  6  7  8  9  10  15  20  30  40  Source: Bloomberg.