Isolating the impact of the TAF on financial markets is not easy, particularly given other recent market developments and the evolution of expectations regarding the federal funds rate. Nonetheless, the interest rates in term markets provide some evidence that the TAF may have had significant beneficial effects on financial markets.
Hiroshi Nakaso: Japan’s economy and monetary policy Speech by Mr Hiroshi Nakaso, Deputy Governor of the Bank of Japan, at a Meeting with Business Leaders, Shimane, 9 October 2013. *  *  *  Introduction It is my great pleasure to be given an opportunity today to exchange views with administrative, financial, and business leaders in Shimane Prefecture.