Effects and costs of the expansion of QQE  I would now like to explain how I assessed the expected effects as well as the potential costs and risks of the expansion of QQE before voting in favor of the decision. Let me first describe the effects of the expansion of QQE.
With the introduction of QQE in April 2013, which has put further downward pressure on interest rates across the yield curve and strongly influenced asset prices, financial conditions in Japan have become more accommodative, and this has strongly supported improvements in corporate profits, employment, and wages.