D.  Shortening of JGB settlement cycle  The Bank also has been supporting market participants with regard to shortening the time lag between the execution of JGB trading and settlement. Back in 1984, when the FISC was established, there was no standard settlement cycle for JGBs, varying among each trade.
Figure 5: Apparent flattening of the NZ Phillips Curve: 1996–2019  Source: Statistics New Zealand, Reserve Bank of New Zealand estimates. Some of these arguments have an element of intuitive appeal – in particular, the idea that households and businesses may have reached debt constraints, limiting the historically important debt channel of monetary policy transmission.