The FSB is stepping up to the plate to deliver effective and risk-based regulatory approaches for all types of crypto-assets. We are doing so in close cooperation with standard setting bodies and national authorities.
Looking back, in 1998, now nearly 20 years ago, Japan's policy interest rate -- which at that time was the uncollateralized overnight call rate -- already had been lowered to close to zero, at 0.25 percent. Given that economic activity and prices did not improve even in this situation, the Bank introduced a zero interest rate policy in February 1999.