It should be noted that the Bank decides and assesses at the MPMs paces of increase in the monetary base as well as JGB and ETF purchases on an annual flow basis, and if calculated on a stock basis, the monetary base and the amounts outstanding of JGBs as well as ETFs will double in two years.
The ratio of the monetary base to nominal GDP is expected to increase to about 57 percent by the end of 2014. This not only stands out above the other advanced economies, but also is more than three times larger than the ratio before the Lehman shock.