Differences in the phase of adopting unconventional measures First, we need to take account of the differences in the phase of adopting unconventional measures. In the malfunction of interbank money markets, unconventional measures were proven effective by Japan’s experience as well as the global financial crisis this time.
24 The real issue here is whether unconventional measures, especially quantitative easing or credit easing, are effective in the phase of “chronic illnesses” after such crisis subsides. Empirical studies on Japan mostly show that quantitative easing produced significant effects on stabilizing the financial system, while it had limited effects on stimulating economic activity and prices.