In contrast, yield curve control enables the Bank to purchase just the right quantity of JGBs in a flexible and effective manner to achieve the operating target of the policy. Consequently, the amount of JGB purchases is determined endogenously.
5  See, for example, Nobuyuki Oda and Kazuo Ueda, “The Effects of the Bank of Japan’s Zero Interest Rate Commitment and Quantitative Monetary Easing on the Yield Curve: A Macro-Finance Approach,” Bank of Japan Working Paper Series, No. 05-E-6, 2005; Hiroshi Ugai, “Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses,” Bank of Japan Working Paper Series, No.