To this end, the Bank will continue to consistently make the utmost contributions as a central bank with a focus on the three points that I have just mentioned: pursuing powerful monetary easing, ensuring financial market stability, and supporting efforts to strengthen the foundations for economic growth.
From the second half of 2009 to the first half of 2010, during which time the global economy posted relatively high growth, based on the experience after the collapse of the bubble in Japan the Bank made a very conservative judgment that, as balance-sheet adjustments were weighing on the U.S. and European economies, the pace of recovery in the global economy was likely to remain moderate and downside risks were prone to increase.