Since then, the Bank has been keeping the ceiling. The average duration of the JGBs purchased by the Bank was about 4 years in 2010. If the Bank purchases JGBs at the current pace, it will lead the Bank to hold 82 trillion yen of JGBs, the amount calculated by multiplying the amount purchased per year by an average duration.
The current outstanding amount of banknotes is around 81 trillion yen. At present, the outstanding amount of JGBs held by the Bank is 60 trillion yen and less than that of banknotes. However, if the Bank continues to purchase JGBs at this pace, the outstanding amount of JGBs will reach that of banknotes.