At present, yields on 10-year JGBs have been in the range of 0.7–0.8 percent, which in absolute terms are higher than those before QQE was introduced at the beginning of April.
That easing has taken the form of a sharp fall in the exchange rate which has been partly offset by an increase in short-term interest rates (the increase in longer-term interest rates has been much more moderate). I have often conceded that the MCI is not a perfect measure of monetary conditions. We will continue to seek ways to improve it.