As far as financial conditions are concerned, the levels of interest rates in Japan – whether they be interest rates on loans or issuance rates of corporate bonds – are at least as low as those in the United States (Chart 8). This is also the case whether they be nominal interest rates or real interest rates adjusted for inflation expectations.
I will do so from a policy-maker’s point of view and in the light of the ongoing market adjustment. I will suggest some areas where research can provide useful pertinent analysis.