All of these developments are effects that have emerged with the mechanisms that were intended with QQE’s introduction and basically can be regarded positively. To achieve sustainable economic growth with price stability, any large imbalances or overheating on the financial front should be clearly identified. In this regard, I believe that there have been no signs of financial imbalances or overheating to date.
Nevertheless, to ensure financial system stability under QQE, it is necessary to thoroughly examine, from a longer-term perspective and without holding a predetermined view, whether risks are accumulating in the financial system due to excessive strength in financial activity and overheating in economic activity. 6  BIS central bankers’ speeches