Second, I will explain in detail the two pillars of QQE -- the Bank's strong commitment policy and large-scale Japanese government bond (JGB) purchases -- both in terms of theory and practice. Lastly, I will talk about the results QQE has borne to date as well as remaining challenges bearing in mind recent economic debates.
I. Japan's Experience with Deflation Leading Up to the Introduction of QQE A. Prolonged Deflation Let me start by talking about Japan's deflation, which lasted for 15 years. Japan experienced a major asset bubble from the late 1980s to the early 1990s. In the course of the burst of the asset bubble, Japan's economy suffered a sharp slowdown and the inflation rate steadily declined.