In retrospect, the BOJ introduced various unprecedented measures under the uncharted circumstances during the period from the late 1990s to the early 2000s. Such measures involved most of the elements in the unconventional policy measures taken in the recent global financial crisis. Nevertheless, it took a fairly long before the Japanese economy restored the full-fledged recovery path.
And that fact suggests the severity of the balance sheet adjustments I have mentioned earlier. BIS Review 131/2010  3  In any event, without sufficient public understanding about the fact that we need a long time to complete balance sheet adjustments, the delay in the recovery in the macroeconomic performance is likely to provoke social discontent.