To this end, the Bank of Japan is publishing its Financial System Report twice a year. In this report, it assesses the stability of Japan’s financial system from various angles, including the  4  Borio, Claudio, Leonardo Gambacorta, and Boris Hofmann. 2015. “The Influence of Monetary Policy on Bank Profitability.” BIS Working Papers No.514.
BIS central bankers’ speeches  3  balance between the amount of risks borne by financial institutions and their financial bases, macro stress testing, and macro risk indicators (i.e., the “heat map”). I believe that independent examination of developments from a financial perspective will enhance the credibility of QQE with a negative interest rate.