The fact that the ratio of the SNB’s balance sheet to nominal GDP is higher than that of the Bank of Japan’s reflects the increase in its holdings of foreign currency denominated assets under this policy. III. Achievements under one year of QQE  Developments in the past year More than one year has passed since the Bank introduced QQE.
During this time, QQE has produced its intended effects, with Japan’s economy on track to achieving the 2 percent price stability target. Under the Bank’s large-scale purchases of government bonds, long-term interest rates have been stable at a low level and have recently been below 0.6 percent (Chart 9).