Since its introduction in 2013, QQE has been called a "new phase of monetary easing" as it is more powerful than any previous policies. If the term "new phase" is used, however, in the sense that the Bank embarked on the monetary easing measures imprudently and recklessly without any consideration for theory, I would like to emphasize that that is not the case.
We were among the earliest to attempt estimation of the factors affecting risks of financial failure, when such research was in its infancy.