However, he also said that, following the clarification of the definition as 2 percent in terms of the year-on-year rate of increase in the CPI in 2013, a dramatic reorientation of monetary policy took place, and the decisive QQE introduced in the same year has been gradually reflating the economy while simultaneously improving Japan's government debt dynamics.10  III.
It cannot therefore be ensured solely on a private basis. There is a significant difference between private and social rationality. Actions that are reasonable from an individual perspective may generate unintended externalities which produce adverse implications for systemic stability. Consequently, financial stability cannot be expected to arise spontaneously from the interactions of private players.