Incidentally, the OECD recently completed a study called “Is There A New Economy?” in which it looked at similar calculations to the ones I have shown above for a range of countries. It found that out of the 29 OECD economies, only six had achieved a higher trend growth of GDP per capita in the 1990s compared with the 1980s.
The Bank decided to change the main operating target for money market operations from the uncollateralized overnight call rate (i.e., interest rates) to the monetary base (i.e., quantity) and conduct money market operations so that the monetary base will increase at an annual  BIS central bankers’ speeches  1  pace of about 60–70 trillion yen.