Is there that big a difference between inflating stock prices the way the BOJ does and depressing bond yields through &quot;normal QE&quot; (which amounts to buying bonds, thus inflating their prices)? Depressing bond yields distorts the market in the sense of encouraging risky investment&#x2F;&quot;risk mispricing&quot;, and then indirectly it inflates stock prices as investors&#x27; safe alternatives now yield less income.