He also pointed out that the Federal Reserve’s recent large-scale bond purchase has reduced global bond yields under the increasingly integrated international bond markets. At the same time, central banks in emerging economies may be conducting asymmetric monetary policy to mitigate the volatile exchange-rate movements.
This is why I voted against the assessment described in the Outlook Report at the MPM held on October 31, 2013, with a new proposal (the second point of my proposal). My proposal was to insert the following description in the last part of subsection “B.