The purchase of JGBs was mainly up to a remaining maturity of three years. 2  This often refers to the exit timings of the zero interest rate policy in August 2000 and quantitative monetary easing in March 2006.
3  These research studies, including those related to the Bank’s monetary policy, include Paul R. Krugman, “It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap,” Brookings Papers on Economic Activity, 1998, 2, pp.