Effects and impact of the negative interest rate  Effects of the negative interest rate Now, let me move on to the second point; that is, the negative interest rate policy, which the Bank decided to adopt this January.
The negative interest rate policy, in combination with the Bank’s JGB purchases, has produced substantial effects in lowering interest rates on JGBs across the entire yield curve (Chart 5). It has become clear that the Bank can affect the entire yield curve through an appropriate combination of the negative interest rate policy and JGB purchases.