2  See www.mas.gov.sg/~/media/resource/publications/consult_papers/2016/Proposed%20Activity%20Based%20Payments%20F  4/4  BIS central bankers' speeches
6  BIS Review 45/2001  The Bank of Japan has a unique challenge. Initial conditions in Japan are very different from either the United States or the euro area, and there are, in addition, severe limitations on the ability of monetary policy to respond conventionally to downward shocks to demand.