of short - and long - term interest rates for an extended period of time, taking into account uncertainties regarding economic activity and prices including the effects of the consumption tax hike scheduled to take place in october 2019. " ⇒ strengthening the commitment to achieving the price stability target enhancing the sustainability of " quantitative and qualitative monetary easing ( qqe ) with yield curve control " long - term interest rate : the bank maintains the target level of around zero percent. while doing so, the yields may move upward and downward to some extent mainly depending on developments in economic activity and prices. purchases of etfs : the bank maintains the annual pace of increase in the amount outstanding of about 6 trillion yen. while doing so, the bank may increase or decrease the amount of purchases depending on market conditions. etc. chart 14 iii. the bank's conduct of monetary policy forecasts for the target level of the long - term interest rate weighted averages ( end of 2018 and 2019 ) 0. 3 distribution ( end of 2019 ) % number of respondents july 2018 survey end of 2019 august 2018 survey end of 2018 0. 2 september 2018 survey october 2018 survey 0. 1 0. 0 dec. feb. apr. june aug. oct. survey period - 0. 1～ 0. 0～ 0. 0 0. 1 0. 1～ 0. 2 0. 2～ 0. 3 0. 3～ 0. 5 0. 5～ 0. 75～ 0. 75 1. 0 % source : jcer, " esp forecast. " chart 15 iii. the bank's conduct of monetary policy functioning of the jgb markets transaction volume in the jgb markets jgb yield elasticity to u. s. long - term interest rates tril. yen elasticity to rise in u. s. long - term interest rates by 1bp, bps ( 1 ) introduction of qqe with a negative interest rate ( 2 ) introduction of qqe with yield curve control ( 3 ) decision of strengthening the framework for continuous powerful monetary easing 0. 25 0. 20 0. 15 0. 10 0. 05 cy 13 transaction volume in the jgb markets 6 - month backward moving average 0. 00 average from cy 2016 to 2017 - 0. 05 jan. july jul. jan. july jul. jan. july jul. notes : 1. transaction volume in the left chart is the gross amount purchased by banks, investors, and bond dealers. notes : 2. figures in the

full payment product in an end - to - end solution. while this model could ensure a homogenous end - user experience and widespread distribution, it would reduce the role of intermediaries and could pose challenges in terms of meeting end - user demands and keeping up with innovation. 16 a digital euro scheme would provide the foundation for the development of various end - user solutions using digital euro and facilitating interoperability between different end - user solutions. in addition to setting basic operational rules, the scheme might also recognise further optional services that would allow participants to provide complementary services to meet specific customer demands. the eurosystem would need to take policy decisions, in line with eu legislation, on : who would own the scheme ; who would manage the different elements of the scheme ; which technical elements would be covered by the rules of the scheme ; and which type of entities would be able to participate in the scheme. the eurosystem could also define a digital euro brand that is recognisable to end users and could set certain commercial rules for the provision of digital euro payment services. 17 ecb ( 2022 ), " the case for a digital euro : key objectives and design considerations ", july. 18 kantar public ( 2022 ), " study on new digital payment methods ", march. 7 / 7 bis - central bankers'speeches