This is the first study analyzing the Bank of Japan's purchases of real estate investment trusts (REITs) that started in 2010 as part of enhanced unconventional monetary policy. The Bank purchases REIT shares after observing a significantly negative return over the previous night and during the...

This is the first study to analyze the yield curve control (YCC) regime initiated by the Bank of Japan (BOJ) in 2016. To impose yield caps, the BOJ makes its bond purchases endogenous to market yields through both fixed-amount and fixed-price (i.e., unlimited-amount) operations. Both long-term...