Moreover, most of the financial assets currently being purchased are the same as those purchased during the period of comprehensive monetary easing – such as JGBs, ETFs, and Japan real estate investment trusts (J-REITs) (Chart 8). The extension of the average remaining maturity of the Bank’s JGB purchases to around seven years has consequently increased the scale of monetary easing.
However, during the last phase of comprehensive monetary easing, the Bank had set the amount outstanding of the Asset Purchase Program at around 111 trillion yen by end-2014. In terms of the monetary base, this would be equivalent to around 200 trillion yen (although a range should be allowed for this number).