Taking the recent developments into account, Japan’s economy is expected to return to the moderate recovery path in the second half of fiscal 2011 onward amid the continued improvement in overseas economies.
As of June, the Eurosystem has started purchasing bonds of non-financial corporations, and on 22 June the first operation in a new series of targeted longer-term refinancing operations will be conducted. The Bundesbank has repeatedly stated that purchases of euro-area government bonds are not “just another” monetary policy instrument.