Since the outbreak of the Lehman crisis, major central banks around the globe have introduced unconventional monetary policy measures, including asset purchases, amid the constraints of a zero lower bound for nominal interest rates. The Bank of Japan has also implemented unconventional monetary policy several times, since more than a decade ago, and has successfully accumulated ample experience.
However, we have not been successful in overcoming deflation. To this end, in April, immediately after I became the Governor of the BoJ, we introduced quantitative and qualitative monetary easing, dubbed the QQE. The QQE is markedly different from the policies the BoJ implemented in the past and from unconventional monetary policies other central banks have been carrying out.