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(Maria Cannata, Director General of Italian public debt)

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Bank of Japan
April 4, 2013

Bank of Japan
Introduction of the “Quantitative and Qualitative Monetary Easing”

1. At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided upon the following.

(1) The introduction of the “quantitative and qualitative monetary easing”

The Bank will achieve the price stability target of 2 percent in terms of the year-on-year rate of change in the consumer price index (CPI) at the earliest possible time, with a time horizon of about two years. In order to do so, it will enter a new phase of monetary easing both in terms of quantity and quality. It will double the monetary base and the amounts outstanding of Japanese government bonds (JGBs) as well as exchange-traded funds (ETFs) in two years, and more than double the average remaining maturity of JGB purchases.

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