In the October Outlook Report, this was deemed one of the risk factors whose materialization, although not necessarily probable, would involve sufficient economic costs that it should be considered a "relevant" risk in conducting monetary policy. I must emphasize, however, that this risk factor involves a putative future scenario; it does not describe a situation that has already emerged.
Picking up on the Bank's concern with this risk factor, some market participants have seen the recent policy action as an attempt to exert direct influence on the foreign exchange rate and yen carry trade. However, considering the substance of the Bank's thinking, as I have explained it earlier, makes it clear that this is not the case.