But one important implication of this is that the stimulus remains in place even when the bond purchase program finishes. The stimulus only begins to unwind as the bonds that the central bank has bought mature.
[14] The RBA's estimate of the impact of the $ billion bond purchase program that was announced in November was that it would reduce the 10-year bond yield by around 30 basis points. The lower yields would in turn put some downward pressure on the exchange rate.