The preceding "zero interest rate policy" in the period from February 1999 to August 2000 failed to bear fruit, in part due to the weak commitment on policy duration. In contrast, under the quantitative easing policy, the Bank of Japan clarified and strengthened the commitment on the duration of the policy by presenting in October 2003 the three conditions for ending this policy.
For example, the Federal Reserve recently modified Regulation CC to reallocate the liability for unauthorized remotely  4  The term "conversion" generally refers to "check-to-ACH conversion," in which data from a check is used to create an electronic funds transfer that is cleared and settled over the ACH network. Such transactions include accounts receivable (ARC), point-of-purchase (POP), and back-office conversion (BOC) transactions.