Due mainly to such massive JGB purchases and flexible market operations, long-term interest rates in Japan have recently been almost flat, at around 0.8 percent, even in the midst of rising overseas rates.
It can also reinforce the resilience of the European economy by sharing risks between regions. An integrated financial market needs a modern payments system. Therefore, the Single Euro Payment Area project deserves our full support. And we need a truly unified securities market without excessive costs for cross-border trading. We should therefore remove any obstacles to its consolidation and streamlining.