Our policies are to prevent supply shocks from generating more inflation because [we feared that] inflationary expectations have gotten out of control. And, as you can see, this is one of the reasons why we are quite aggressive [in tightening monetary policy].
For countries facing foreign currency fund-raising problems, meanwhile, constraints on monetary policy easing may exist even when the downside risk to growth is substantial. Easing of monetary policy could adversely affect their foreign exchange supply and demand conditions.