It is also true that an accumulation of financial imbalances develops in a prolonged period of accommodative financial conditions, and therefore such a risk should be duly considered in the conduct of monetary policy. V.  The case of BOJ  Now I would like to explain the experience by the Bank of Japan and summarize efforts we have been making so far.
Because we experienced the formation and bursting of a significant credit and asset price bubble in the late 1980s and early 1990s, the Bank of Japan placed importance on the risk of accumulating financial imbalances in the conduct of monetary policy.