A Shift from Targeting the Monetary Base to Targeting Interest Rates One of the key points of the policy shift from QQE with a Negative Interest Rate to QQE with Yield Curve Control is that the operating target for money market operations changed from the monetary base to interest rates, a traditional target.
We want to make it clear, particularly to the banking sector, that strict regulation will be applied as far as the NPS is concerned. This should not be perceived negatively, nor do we wish to stifle innovation or competition in the industry.