Therefore, maintaining the virtually zero interest rate policy is subject to the condition that, upon careful examination, it does not give rise to the accumulation of financial imbalances, such as a surge in asset prices or excessive debt. The third measure was the establishment of the Asset Purchase Program (hereafter the Program).
I am delighted to meet and exchange views with you in person for the first time in three years. At the outset, I will talk about developments in Japan's economic activity and prices and explain the Bank's thinking on the conduct of monetary policy. I. Economic Developments Let me start by talking about Japan's economic developments.