In particular, in the future, in order to achieve the smooth normalization of monetary policy while maintaining financial market stability, I consider that aiming to make such a shift in the focus of monetary policy conduct, together with the government’s fiscal consolidation, will become the important requirement.
1  The Taylor rule is a monetary policy rule under which the level of a benchmark policy interest rate is calculated based on a particular formula using, for example, the deviation of the observed inflation rate from the targeted inflation rate, and the output gap. 8  BIS central bankers’ speeches