Some Counterarguments to Critical Opinions on the Bank's Monetary Policy As mentioned above, monetary policy has been clearly having an effect, but for some reason, objections to the Bank's current policy persist. Among the critics are some who argue that QQE is like the Battle of Imphal during the Second World War and we should withdraw immediately.
7 The Battle of Imphal took place from March 1944 to early July and involved the Japanese army advancing from Burma with the aim of capturing the city of Imphal in northeast India. The battle was an abject failure entailing enormous sacrifice and is often cited as synonymous with a reckless strategy.