In fact, after the introduction of QQE, the real interest rate has remained in negative territory. Thus, as I have mentioned, the real interest rate, having declined to the record low level, stimulated domestic demand, resulting in a moderate recovery in Japan’s economy and an improvement in the underlying trend in inflation.
I believe that was one of the reasons why Japan was able to avoid becoming the epicenter of a global financial crisis at that time. Another example from a different field is the business survey known as the TANKAN. The Bank of Japan has been sending a special quarterly questionnaire to Japanese companies since 1957.