Introduction of "Comprehensive Monetary Easing" (October 5, 2010).

Claims Supported by This Source

1. Three measures: the uncollateralized overnight call rate at around 0 to 0.1%; clarification of the time horizon based on the "understanding of medium- to long-term price stability" (continuation of the virtually zero interest rate policy); and establishment of a fund for asset purchases, etc.
2. The fund's size is approximately 35 trillion yen (approx. 5 trillion yen for asset purchases + approx. 30 trillion yen for fixed-rate funds-supplying operations against pooled collateral). Eligible assets include long-term JGBs, treasury discount bills, commercial paper (CP), asset-backed commercial paper (ABCP), corporate bonds, ETFs, and J-REITs.
3. Asset purchases to encourage a reduction in risk premiums are an unusual measure for a central bank. Long-term JGBs purchased through the fund are to be distinguished from those purchased up to the limit of the outstanding balance of banknotes issued.
4. The "understanding of medium- to long-term price stability" is a positive range of 2% or less in terms of the year-on-year rate of change in the consumer price index, with the majority of board members considering it to be around 1%.

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