Harada Yutaka et al., (Tokyo: Chuokeizai-sha, Inc., 2016). 11  Another criticism that has been leveled against QQE is that it has a negative impact on banks' operations. Both real and nominal interest rates have declined as a result of the bold monetary easing measures.
While low interest rates support the long-term economic recovery, some argue that they also undermine the operations of banks, which impedes the effects of monetary easing.