It was accompanied by a press communiqué, indicating the Bank's  BIS Review 24/2008  1  dedication to fight inflation through a strong guilder. This illustrated Duisenberg's ability to avoid a public conflict about interest rates, a conflict that certainly had negatively affected the exchange rate.
However, there could be cases where less productive businesses continue to operate and even inefficient firms that would otherwise have shut down remain in business. This may induce side effects whereby Japan's productivity growth is weighed down over the long term.