Objectives of the comprehensive monetary easing policy  The comprehensive monetary easing policy consists of three measures: a change in the guideline for money market operations; a clarification of the commitment regarding the time horizon for maintaining the virtually zero interest rate policy based on the “understanding of medium- to long-term price stability” (hereafter “understanding”); and the establishment of the Asset Purchase Program.
Next, I will explain the objectives of these measures in detail. For clarity, I have classified the objectives into four categories, which are to achieve (1) lower interest rates, (2) quantitative easing, (3) qualitative easing, and (4) to affect market expectations. 1. Change in the guideline for money market operations  The first measure was to change the guideline for money market operations.