Central banks’ liquidity provision and balance sheets have also expanded to unprecedented levels. In addition, they are expanding the range of assets they would buy. The Bank of Japan is buying not only government securities, but also risk assets such as commercial paper, corporate bonds, exchange-traded funds, and real estate investment trusts.
In spite of mobilizing these measures – the so-called non-traditional policy measures by central banks of developed economies including the Bank of Japan – economic recovery is far from satisfactory, as I noted a moment ago. Issues differ from one economy to another. For example, the United States and Europe are suffering from high unemployment.