Therefore, it is important for central banks to conduct monetary policy while taking its impact on the financial system into account. 8  Looking back on the period since the introduction of YCC, Japan's economy has continued to expand at a moderate pace, which implies that, at the least, the necessary degree of monetary easing was maintained.
Meanwhile, fluctuations in the U.S. dollar-yen exchange rate during this period remained within a narrow range. In other words, the direction and scale of monetary policies in the major economies have been quite similar, leading to a situation close to the fixed exchange rate regime shown in Table 1.