Stability consequences of QQE with a negative interest rate Next on my agenda today is the implementation of monetary policy by the Bank of Japan and its relationship with macroprudential policy. After the bursting of the bubble, the lowering of potential growth brought about a large decline in the natural rate of interest, which is the guidepost for monetary policy formulation (Chart 3).
11 See footnote (vii) page 2. Figure 2. The Wholesale, Retail Trade and Repairs sectors includes businesses such  as cash and carry wholesalers, all retail shops and also includes car sales. 12 See Department of Finance SME Credit – Demand Survey October 2017 – March 2018 page 1. Available here. 13 See footnote (xiii) page 59.