To address the market turmoil, the BOE is taking action to ensure financial stability by, for example, carrying out temporary purchases of long-dated U.K. government bonds and postponing the beginning of the planned gilt sale operations.
Such market turmoil was largely unthinkable until quite recently; I now consider it necessary to keep a close eye on its impact, particularly on the U.K. economy and global financial and capital markets. As I have described, risks to the global financial and economic environment surrounding Japan have rapidly become skewed to the downside.