Comparative Empirical Research on Japanese Zero Interest Rate Policy and Quantitative Monetary Easing Policy

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The BOJ implemented the zero interest rate policy and the quantitative monetary easing policy from the late 1990s to early 2000s. The difference between these policy effects was as follows; (1) the zero interest rate policy increased volatilities of yield spreads but the quantitative monetary easing policy decreased them. (2) The announcements as to the termination of the zero interest rate policy affected the market expectation form but it as to the termination of the quantitative monetary easing policy did not do it.