. dollars with longer maturities, and increasing the frequency of the provision ; the bank has provided u. s. dollars worth more than 20 trillion yen. active purchases of etfs and j - reits ( doubling the purchasing paces ) < for the time being > ・ purchase etfs and j - reits at annual paces with the upper limit of about 12 trillion yen and about 180 billion yen, respectively further active purchases of jgbs and t - bills ・ conduct further active purchases of both jgbs and t - bills for the time being, with a view to maintaining stability in the bond market and stabilizing the entire yield curve at a low level ・ purchase a necessary amount of jgbs without setting an upper limit so that 10 - year jgb yields will remain at around zero percent

and further active purchases of japanese government bonds ( jgbs ) and treasury discount bills ( t - bills ). with regard to the first measure, since the bank has provided u. s. dollars worth more than 20 trillion yen, u. s. dollar funding costs of internationally active japanese financial institutions and firms have declined clearly. as for the second measure, the bank decided to double the pace of etf purchases to about 12 trillion yen per year for the time being, and this has led to constraining volatility in japanese stock prices. regarding the third measure, the bank already has conducted large - scale jgb purchases. however, given a decline in liquidity in the bond market and the impact on that market of the increase in the amount of issuance of government bonds in response to the emergency economic measures, the bank decided to conduct further active purchases of both jgbs and t - bills with a view to maintaining stability in the bond market and stabilizing the entire yield curve at a low level. in line with this, the bank clarified that it would purchase a necessary amount of jgbs without setting an upper limit so that 10 - year jgb yields would remain at around zero percent. coupled with the government's aggressive fiscal responses including the emergency economic measures, i expect that these monetary easing measures will enhance the effects of so - called policy mix of monetary and fiscal policies. the bank's enhancement of monetary easing can be recognized in the context of international cooperation. since this march, the central bank in each country and region has been exchanging information frequently at various levels, and it can be said that the strengthening of the u. s. dollar funds - supplying operations is the outcome of such cooperation. of course, the specifics and size of monetary easing measures of each central bank vary in light of differences in financial conditions, financial systems, and market structures. that said, responses taken by the central bank of each country and region to address the global crisis stemming from the spread of covid - 19 have two things in common ; namely, those central banks ( 1 ) provide liquidity at a large scale by, for example, increasing asset purchases, thereby stabilizing financial markets and ( 2 ) conduct funds - supplying measures to support lending and purchases of cp and corporate bonds, thereby ensuring smooth financing, such as of firms. responses regarding the financial system and business operations i will now move on to responses toward ensuring financial system stability. such stability provides support for