I will use some recent cases in which we believe bankers and supervisors have learned some key lessons about ERM and describe how the lessons learned can be more broadly applied to other industries. But before I start discussing particular examples, I want to take a step back and give you my thoughts on ERM more broadly.
Specifically, the Bank decided that it will accelerate the pace of increase in the monetary base from “an annual pace of about 60–70 trillion yen” to “an annual pace of about 80 trillion yen.” The annual pace of increase in the amount outstanding of the Bank’s holdings of JGBs will be raised by about 30 trillion yen to “about 80 trillion yen” and as for exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs), the increases in the amount outstanding of the Bank’s holdings will be tripled.