In this situation, we adopted a new policy framework for monetary easing in March 2001. We changed the main operating target from call rates to a quantitative indicator of liquidity, that is, the outstanding balance of current accounts at the Bank of Japan, and we have substantially increased the balance.
Because this was a very drastic easing measure and was unprecedented in the history of central banking worldwide, we had to consider various issues very carefully before deciding it. Above all, it was uncertain whether and how expansion of liquidity provision in a situation where the rate is virtually zero percent would influence the economy.