Investor Presentaiton
BOJ's monetary policy
Timeline
Apr. 2013
Jan. 2016
Sep. 2016
Jul. 2018
Apr. 2019
Oct. 2019
Apr. 2020
Mar. 2021
Sep. 2021
Apr.2022
Introduction of the Quantitative and Qualitative
Monetary Easing (QQE)
Introduction of Negative Interest Rate Policy
Introduction of QQE with yield curve control
Introduction of forward guidance for policy rates
Clarification of forward guidance for policy rates
Update of forward guidance for policy rates
Enhancement of monetary easing
Further Effective and Sustainable Monetary Easing
Introduction of Climate Response Financing
Operations
Clarification of consecutive fixed-rate purchase
operations
Three-tiersystem in
current accounts at BOJ
(0.1)%
Policy-Rate Balance
0%
Macro Add-on Balance
Basic Balance
+0.1%
Recent announcements
Mar. 2021
Yield curve control
• Purchase a necessary amount of JGBS without setting an
upper limit so that 10-year JGB yield will remain at around
zero percent.
• Yield fluctuations range of +/-0.25% from the target
Guidelines for asset purchases
• Maintain annual paces of increase for ETFs and J-REITS
• Extend purchase of CP and corporate bonds till Sep. 2021
Sep.2021
Climate Response Financing Operations
• To provide funds to financial institutions within the amount
outstanding of their investment or loans that contribute to
Japan's actions to address climate change, with a view to
supporting private sector efforts on climate change.
• Interest rate on its program at 0% with the duration of loan
being 1 year (can be rolled over).
Apr. 2022
Clarification of consecutive fixed-rate purchase
operations
• Clarified at the April meeting that the BOJ will offer to
purchase 10-year JGBS at 0.25 percent every business day
through fixed-rate purchase operations, unless it is highly
likely that no bids will be submitted.
Source: Bank of Japan
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