The second is to put downward pressure on the entire yield curve through massive purchases of Japanese government bonds (JGBs), financed by an equally massive increase of the monetary base (Chart 1). These two elements together have reduced real interest rates and thus have produced strong easing effects. In October 2014, QQE was expanded in both quantitative and qualitative terms.
The NSFI 2022–2028 emphasizes financial inclusion to enhance consumer welfare and features financial resilience as a centerpiece of our renewed vision.It outlines a strategic governance framework, through which a broader set of stakeholders can be tapped as a driving force of the 1/2  BIS central bankers' speeches  Strategy’s implementation and, thus, truly foster a whole-of-nation approach.