The Bank of Japan started comprehensive monetary easing in the autumn of 2010, and as part of this, has purchased corporate bonds, REITs, and ETFs. In a zero interest rate environment, if a central bank aims to stimulate economic activity through monetary policy, one option is to seek a reduction in risk premiums through purchases of assets with relatively high credit risk.
Figures are calculated using "total expenditure on goods and services ordered over the Internet" from the Survey of Household Economy and "consumption expenditures" from the Family Income and Expenditure Survey. 2. In the right chart, the parentheses show the industry of the interviewee and the Bank branch. Sources: Ministry of Internal Affairs and Communications; Bank of Japan.