As for the  7  negative impact of steepening, I presume that it barely dampens business fixed investment at the macro level because economic entities other than the government that procure funds in the very long term -- a period of 20 to 30 years -- are limited to firms whose cash flow is abundant and stable from the outset. B.
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.