What Are the Dangers of QQE? Given that QQE has clearly produced results, criticism of the Bank's monetary policy naturally has shifted to the argument that "although nothing has happened so far, there is a danger that a serious problem may arise in the future." I call this kind of argument the "big rock theory."
As illustrated in Chart 5, the "big rock theory" holds that there is a big rock on the slope that blocks the way. However, if one tries to move the rock out of the way, it hardly moves at first, but once it does get rolling, it will not stop.