While the chart shows the outstanding amounts of the monetary base and JGB holdings as of end-2013 and end-2014, these are projected amounts under the current policy and do not suggest in any way a time limit of the policy conduct.
As I will mention later, the Bank will continue with the QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining the target in a stable manner. The effects of the QQE are expected to carry through the economy via several different routes, and the most important of these is to lower real interest rates.