The Bank made clear at the latest MPM that the range of fluctuations in long-term interest rates, or 10-year JGB yields, will be between around plus and minus 0.25 percent from the target level, which is set at "around zero percent."
The effects of yield curve control on the functioning of the JGB market are, in a sense, an inevitable consequence of maintaining interest rates stably at extremely low levels. That said, in order to conduct yield curve control sustainably, it is important to strike a balance between maintaining market functioning and appropriately controlling interest rates.