They are neither aimed at the smooth issuance of government bonds nor for supporting their prices. The Bank makes it a rule to purchase long-term government bonds in the amount roughly consistent with the trend growth rate of banknote issuance over the medium term. By adopting such a rule, the Bank tries not to directly affect long-term interest rates.
The Bank will continue to hold firm to the posture that it will not purchase long-term government bonds for smooth issuance or price maintenance purposes. BIS Review 80/1999  6  Relating to this discussion, there are suggestions that the Bank should effect quantitative easing through the purchase of government bonds.