Against this background, the Bank of Japan has been engaged in intensive dialogue with a wide range of market participants to grasp the state of market functioning. As an effort along this line, we have just announced several initiatives to enhance this dialogue, including the introduction of a quarterly Bond Market Survey of market participants’ views on the functions of the bond market.
Conclusions Finally, let me conclude by commenting on the argument by some that we have already gone too far in micro and macroprudential regulation. For instance, could it be that the strengthened regulation is currently hampering the transmission of monetary policy in the euro area?