In 2016, the Bank of Japan augmented its large-scale asset purchase program with a commitment to keeping the yield on ten-year government bonds at “around zero percent.” Though this policy framework has not snuffed out deflationary pressures, its credibility has enabled the BoJ to exert fairly close control over the term structure of interest rates without resorting to large-scale interventions in the bond market; a commitment to essentially unlimited asset purchases has, in fact, allowed for a dramatic scaling back of BoJ purchases.
The full article is available at https://libertystreeteconomics.newyorkfed.org/2020/06/japans-experience-with-yield-curve-control.html
For more on yield curve control in the US context, see our article from May 13, 2020: Worried about negative US interest rates? Get smart on yield curve control (Premium)