through purchases of risk assets such as ETFs  Positive Effects  ■ Economic improvement, significant increase in employment ■ Achievement of a situation where Japan's economy is no longer in deflation ⇒ Effective in pushing up economic activity and prices  Side Effects ■ Impact on the functioning of financial intermediation ■ Impact on market functioning ⇒ BOJ responded by devising various measures  5  Chart 6  I.
Where it was the single market and passporting, it is now trade agreements with third countries that do not accept the EU’s legal jurisdiction – we all know Mr Barnier’s stairway to Brexit.5 In these arrangements, the free exchange of workers and services tends to be very limited.