Given the time constraints today, my focus will naturally be on monetary policy. The steering of policy has become increasingly difficult in recent times, and many of my fellow central bankers have found themselves in uncharted waters.
Since the outbreak of the Lehman crisis, major central banks around the globe have introduced unconventional monetary policy measures, including asset purchases, amid the constraints of a zero lower bound for nominal interest rates. The Bank of Japan has also implemented unconventional monetary policy several times, since more than a decade ago, and has successfully accumulated ample experience.