The difficulty lies in that you simply cannot make a clear-cut decision and choose either macroeconomic policy or structural reform. Today, I will explain my views on the roles monetary policy and structural reform should play under the current harsh circumstances. 1. Current monetary easing measures  As a starting point, I will explain current monetary easing measures.
Current monetary policy management As you all know, the Bank of Japan took successive monetary easing measures during February to March this year, and the March decision was a decisive one. There are three points which characterize this series of monetary easing measures.