The Bank's decisions leading to QQE with a Negative Interest Rate  The Bank decided to introduce QQE in April 2013 with a view to achieving the price stability target of 2 percent in terms of the year-on-year rate of change in the CPI at the earliest possible time, with a time horizon of about two years. In October 2014, the Bank expanded QQE.
The last two years, 1997 and 1998, gave an interesting case study of the interplay between these different variables and the degree of forward-looking behavior in the making of monetary policy.