We have narrowed the interest rate corridor to 50 basis points which helps reduce fragmentation between banks that rely on ECB liquidity and those that can borrow in the interbank market. And last week, unanimously, the Governing Council took the important step to introduce forward guidance within our two pillar monetary strategy.
Major economies faced the common policy challenges of how to address low growth, as well as low inflation under low interest rates, and this topic was hotly debated at international fora such as the Group of Twenty (G-20) Finance Ministers and Central Bank Governors Meeting. Naturally, such headwinds for the global economy had a significant negative impact on Japan's economy as well.