Our judgement has been that it was not in the public 1/4  BIS central bankers' speeches  interest to encourage an already highly indebted household sector to borrow even more. More borrowing might have helped today, but it could come at a future cost. So the Board has been prepared to be patient and has not sought to overly engineer or fine-tune things.
Japan’s prosperity in the 21st century should be achieved through maximum utilization of privatesector initiatives and market mechanisms, as for example an investment and funds intermediary, throughout the economy. At present, the private sector cannot fulfill the role to the utmost because of its limited financial strength, and in some cases public authorities are required to support privatesector initiatives.