The Bank’s aggressive monetary easing, which consists of its virtually zero interest rate policy and its purchases of financial assets through the Program, coupled with measures including the government’s intervention in the foreign exchange market, has fended off the yen’s appreciation to some extent.
Nonetheless, we have heard the opinion that the Bank’s monetary easing is not enough because Japan’s economy has yet to overcome deflation. This opinion often refers to the amount of “money” supplied by a central bank.