In addition, regarding analysis on the foreign exchange rate regime with a focus on the relative size of balance sheets of the Federal Reserve and the Bank, see Sakurai, M. and Kimata, T., "An Essay on Japan's Monetary Policy Experience and Lessons," November 6, 2020, https://www.boj.or.jp/en/announcements/press/koen_2020/data/ko201106a.pdf.
Looking further ahead, however, one important risk that we are seeing for monetary policy – apart from the volatility of commodity prices – is the potential resumption of cross-border capital flows, which may complicate the shift to a tighter policy stance.