Such central banks’ risk-taking is certainly crucial in the phase of “acute pains.” Thus, when examining the effectiveness of monetary policy, or more broadly central bank policy in general, it is crucial to make a clear distinction between the phase of “acute pains” and the phase of “chronic illnesses.” IV.
Things to remember in Interpreting Japan’s experience  So far I have discussed the common factors in economic conditions after the burst of a bubble. At the same time, there exist some factors peculiar to Japan’s experience. In monetary policy studies, we need to interpret Japan’s experience with consideration for some differences.