Under this framework, with the aim of achieving the price stability target under yield curve control -- in which short- and long-term interest rates are controlled -- the Bank sets the shortterm policy interest rate at minus 0.1 percent and the target level for 10-year Japanese government bond (JGB) yields at around 0 percent.
It also purchases JGBs to facilitate the formation of these interest rates consistent with yield curve control. Subsequently, in July 2018, the Bank introduced forward guidance, and in April 2019, decided on a set of policy measures, including expanding eligible collateral for its provision of credit, to enhance the sustainability of the monetary easing policy.