If the total size of the increase under the Program is taken into account, it is fair to say that the Bank’s monetary easing was quite substantial (Chart 13). Nonetheless, the scale of increase undertaken each time was in the range of 5–10 trillion yen, and it seems that many people viewed such a piecemeal approach as lacking boldness.
In addition, it was pointed out that the Bank’s communication strategy was not so effective, and the perception spread domestically and globally that the Bank was being passive in tackling deflation.