Second, if the zero interest rate policy continues for a long period even after the economy clearly recovers, more economic agents will tend to conduct activities based on the expectation that current extremely low interest rates will be sustained indefinitely. This is what happened in the bubble period, leading to an enormous waste of resources which continues to inflict pain on us today.
I do not at all advocate a higher probability that a similar situation would occur on a similar scale. What I would like to mention is that the current situation of financial markets, where, for example, the premium on credit risk is suppressed by the liquidity effect of the zero interest rate policy, could include the potential risk of creating the misallocation of resources.