JGB Yield Curve (Before the December 2022 MPM) 1.6 1.6  %  1.4 1.4  Measures Decided by the Bank of Japan Conduct of YCC Encourage a smoother formation of the entire yield curve Significant increase in the amount of JGB purchases: from 7.3 trillion yen per month to about 9 trillion yen per month Expansion of the range of 10-year JGB yield fluctuations from the target level: from between around ±0.25% pts to between around ±0.5% pts Nimble responses for each maturity: - Offer to purchase 10-year JGBs at 0.5% every business day through fixed-rate purchase operations - Make nimble responses for each maturity by increasing the amount of JGB purchases even more and conducting fixed-rate purchase operations  In adjusting the amount outstanding of corporate bonds, the Bank will give due consideration to their issuance conditions.
Of course, I always say, do not look at that as [moving from] 400 ppts to 625 ppts because, in reality, the policy rate of 200 ppts was really a response to something so unusual, which was the pandemic.