Monetary policy actions taken by the ECB and other central banks around the world in the pursuit of their respective mandates helped improve market conditions during this period. But this episode highlighted that the resilience of the non-bank financial sector needs to be strengthened through regulatory reforms, which should also reflect macroprudential perspectives.
This made me realize the importance of going back to the basic idea that value is created by a continuous accumulation of improvements. I believe that such strenuous efforts will be rewarded when the world economy returns to a recovery path. Second, Japan should directly confront and tackle current problems.