This has contributed to underpinning Japan’s economy, but the economy has failed to exit from a period of deflation. 8  BIS central bankers’ speeches  It should be noted that, because of this experience of the comprehensive monetary easing, the Bank could decide on a new policy of the quantitative and qualitative monetary easing at the April 3–4 MPM.
The views expressed in this discussion are my own, and are not necessarily those of others in the Federal Reserve System.