The outstanding amount of the JGBs held by the Bank has increased from about 66 trillion yen at the end of 2011 to about 84 trillion yen at present, coming to exceed the outstanding amount of banknotes issued. That is due to an increase in the JGB purchases through the Program under pursuing powerful monetary easing.
These include direct financial transfers to vulnerable sectors, and efforts to boost domestic production and importation of certain food commodities. For its part, the BSP is prepared to take preemptive action when there are stronger indications of a possible disanchoring of inflation expectations.