4  BIS central bankers’ speeches  Furthermore, the share of India’s software services exports to Europe declined from 26 per cent of total software export earnings in 2009-10 to 24 per cent in 2011-12. Europe accounts for more than one-third of total tourist arrivals in India.
If we had named the commitment to the duration of the zero interest rate policy introduced in 1999 an eye-catching “forward guidance”, the Bank might have received an honor as the inventor of this policy tool. However, despite the tailwind in the real economy and considerable efforts by the Bank, Japan’s economy could not overcome deflation. What was lacking?