Of course, more analysis of these relationships is warranted, but they do suggest that monetary policy will have to take the overall composition of expenditure into account while assessing NIRG, which in turn will influence the policy stance.
5  4  Fukumoto, Tomoyuki, Masato Higashi, Yasunari Inamura, and Takeshi Kimura. “Effectiveness of Window Guidance and Financial Environment,” Bank of Japan Review Series, 10-E-4, August 2010.