That is why, at the present time when short-term interest rates in major economies have declined to almost zero, central banks, including the Bank of Japan, have been making efforts to generate monetary easing effects by implementing various unorthodox measures to lower long-term interest rates and credit spreads.
While central banks are buying time with these measures, it is still essential to pursue the necessary structural reforms. My third point concerns the paradox of success in the conduct of monetary policy. The goal of monetary policy is to achieve sustainable growth with price stability.