The research team including Loriana Pelizzon, Linlin Niu, Marti G. Subrahmanyam, Jun Uno, take a closer look at the microstructure of the Treasury bond markets and investigate costs and benefits of Quantitative Easing in terms of market liquidity, liquidity spillovers, and potential arbitrage opportunities. It is planned to use detailed information on the Fed and BoJ interventions since 2009 with respect to which bonds were eligible in the respective central bank bond purchase programs. A comparative study on the US and the Japanese market will highlight the differences in terms of the effects of the different strategies and will provide new insights to other central banks (including the ECB) that are planning to mimic the behavior of the Fed and BoJ as well as the potential effects of unwinding QE.