The second question is to what extent, if any, monetary policy in the United States should be conducted taking into account the fact that it is also exported to emerging economies with pegged exchange rates, such as China.
See, for details, Ichiue Hibiki et al., "Kinnen no infure dōgaku o meguru ronten: nihon no keiken," Bank of Japan Working Paper Series, no. 19-J-3, June 2019, https://www.boj.or.jp/research/wps_rev/wps_2019/data/wp19j03.pdf. 2  6  II. Conduct of Monetary Policy Let me first outline the Bank's current monetary policy, based on the outlook for economic activity and prices that I have described.