As a digression, the Taylor Rule, the most well known of policy rule theories, attracts attention internationally and is actively studied. This Rule advocates the smooth adjustment of interest rates while paying attention to the output gap and fluctuation in prices, which seems to be based on a similar policy philosophy to what I have just described.
A hundred and eighteen years have passed since the Bank of Japan was established. And, yet, it is also a “young” central bank as it was reborn two years ago under the new Bank of Japan Law, and thus no track record has yet been established.