The Bank of Japan decided Wednesday to strengthen its monetary easing by adding yield curve controls to its existing Quantitative and Qualitative Monetary Easing. 

That came as the central bank reassessed its massive stimulus program. The new framework consists of two major components, yield curve control and inflation-overshooting commitment. The yield curve control specifies that the BOJ will control both short-term and long-term interest rates.

In practice, the BOJ will buy long-term government bonds to keep 10-year bond yields around current levels of zero percent and maintain 0.1 percent negative interest rates. To deal with inflation, the BOJ committed to lifting Japan's consumer price index to above 2 percent target in a stable manner.