Effects of Monetary Easing So far, the core of my argument has been that now is not the time for monetary tightening in Japan. Let me go on to address the positive effects of the Bank's current monetary easing on the economy.
Since 1999, the number of checks collected through the Reserve Banks has fallen nearly 20 percent, and the pace of decline is accelerating. The Reserve Banks have undertaken a range of cost-reduction initiatives to keep pace with the declining volumes, including an ongoing realignment of their check collection operations.