I believe that more vigorous financial intermediation will be necessary if the policy effect permeates through Japan’s economy and thereby increases positive economic activity. The process to overcome deflation is also the process for the financial system to recover its vigor.
We pushed forward with the reform and opening-up of the financial sector and were determined to win the Three Critical Battles. The PBC staff studied the guidelines of the Fifth Plenary Session of the 19th CPC Central Committee and the 2020 Central Economic Work Conference, and deepened financial reforms to facilitate high-level opening-up.