The reason I say this is because when listening to debate concerning monetary policy, we are somewhat puzzled that many seem to consider that interest rates can be further substantially lowered. Of course, even at the current level where nominal interest rates are virtually zero percent, we have managed to devise ways to create monetary easing effects. However, such efforts have obvious limits.
Among various monetary policy options proposed, some argue that the Bank can freely increase money supply at its discretion as if raining money from the sky. However, as evidenced by figures I have previously introduced, this is not the reality.