But it is also true that the BOJ carried out innovative monetary policy measures on a large scale as a pioneering effort. For example, the BOJ reduced the overnight interest rate to virtually zero in the second half of 1995, of which level corresponds to the current policy interest rates in the United States and European countries.
These initiatives have been instrumental in broadening access to essential financial products and services and, in turn, have uplifted lives by giving the poor the means to protect and grow their livelihoods, improve their well-being, and ultimately, take greater control of their future.