Taking the above outlook into account, what is most important at this juncture is that the Bank steadily make progress under the current policy framework of the QQE. E.  Pace of JGB purchases  In the last part of my explanation about monetary policy, let me elaborate on somewhat of a technical issue.
This changing nature of financial intermediation entails potential benefits for macroeconomic and financial stability. But, it also means that the resilience of financial intermediation by property funds matters much more for the overall functioning of the commercial real estate market now, than it did a decade ago. So the macroprudential framework needs to adapts accordingly. This is an important principle.