On the Introduction of "Quantitative and Qualitative Monetary Easing" (April 4, 2013)

Claims Supported by This Source

1. Changed the operating target to the monetary base, and will conduct money market operations so that it increases at an annual pace of about 60-70 trillion yen. Forecast: 138 trillion yen at end-2012 → 200 trillion yen at end-2013 → 270 trillion yen at end-2014.
2. Purchase long-term JGBs so that their amount outstanding increases at an annual pace of about 50 trillion yen. The scope of purchases will be expanded to all maturities, including 40-year bonds, and the average remaining maturity will be extended from slightly less than 3 years to about 7 years.
3. ETFs approx. 1 trillion yen/year, J-REITs approx. 30 billion yen/year. The Asset Purchase Program was abolished. The banknote rule was temporarily suspended.
4. Attachment: Forecast for current account balances from 47 trillion yen at end-2012 to 175 trillion yen at end-2014, and for long-term JGBs from 89 to 190 trillion yen.

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