Quantitative Easing by the ECB and the Federal Reserve

After some years, in the October of 2010, because of the global financial crisis, the insistent deflation and the policy rate which reached the zero lower bound, in order to reach the price and, in general, the financial stability, the BOJ implemented the CME ( Comprehensive Monetary Easing), according to which they were bought both government securities and risky private assets ( essentially, it was implemented a quantitative easing mixed with the credit easing).

This time, probably because of the fact that this easing included also private assets purchases, it was found that the economic activity was stimulated more than in the past earlier experience of the pure quantitative easing thanks to the improved monetary policy trasmission, although the impact has been moderate; however, the impact on the inflation rate was weak as before and, besides, there was no impact on the exchange rate ( Fasano-Filho, Wang, Berkmen 2012; International Monetary Fund 2011).

Quantitative and Qualitative Easing
Finally, in the 2013, The BOJ, in order to face deflation and revive the economic growth, launched the •Abenomics´, including the QQE (Quantitative and Qualitative Easing), through which the inflation target was clearly established at the 2% and involving a great volume and a wider scope ( of assets) than the past ( Nakano 2016; OECD 2016).
Then, since the inflation expectations were below, and also now, the inflation target and due to the economic uncertainty, the QQE was strengthen firstly then with the NIRP (Negative interest-rate policy), which helped lower market rates and rebalance portfolios but generated a problems related to the financial costs, and then, in September 2016, with the Yield Curve Control (Green, Cooper 2017; International Monetary Fund 2016).