Effects of QQE after its expansion  The first point that needs to be examined in continuing with QQE is its policy effects (Chart 17). After the expansion of QQE at end-October 2014, the 10-year JGB yields temporarily dropped below 0.2 percent, but these recently have recovered to around the level seen prior to the expansion.
I am confident that finding the right mix of solutions to these challenges we face is within our reach, notwithstanding the structural rigidities imposed on our economies associated with small size, the high degree of openness to external trade and financial shocks, as well as the destructive effects of natural disasters.