This clearly demonstrates that monetary easing cannot change banks' lending attitude, economic activity, and prices when there are various structural problems, such as the nonperforming-loan (NPL) problem, in the economy. These experiences under the unprecedented monetary easing highlight how grave Japan's structural problems are.
I believe it is necessary to accept this fact and have a constructive debate about what should be done to change this situation. Based on such thoughts, the Bank of Japan has been emphasizing that the primary tasks to be accomplished for revitalization of Japan's economy are advancing structural reforms in the economy and industry, and restoring the soundness of Japan's financial system.