In 2016，the Bank of Japan（BOJ）has intensified its easing policy and launched the Quantitative and Qualitative Monetary Easing（QQE）with a negative interest rate and QQE with Yield Curve Control policy，shifting monetary policy target from JGP purchases to interest rates. Under the effect of new monetary policy，there is a downward trend for short-term financial market interest rates，the transaction volume and medium and long-term bond market interest rates，with the stock market continuing to rise and the foreign exchange market fluctuating. With the new policy framework，BOJ temporarily pauses long-term interest rate to some extent by several moves，but in the future，it will be more difficult to control long-term interest rates with the higher of Japan-American spreads. The ultra easing policy of BOJ will bring negative influence on bond market liquidity，fiscal reconstruction as well as BOJ’s financial situation.