In a situation where the unconventional policy has already been effective to a reasonable extent, accommodative financial conditions are starting to further strengthen as policy effects generated by maintained zero interest rates are gradually added to the effects of QQE.
On the other hand, precisely because the unconventional policy is a new policy measure with a short history, its side effects in general could have many unknown parts. Moreover, it would probably take considerable time for monetary policy to be normalized with the unwinding of the unconventional policy – the main component of which is the asset purchase policy.