But the concept of “tainting” due to realized losses from the available-for-sale portfolio had not been widely applied in such a narrow way. 1  Covitz, Daniel and Steven A. Sharpe, “Which Firms use Interest Rate Derivatives to Hedge? An Analysis of Debt Structure and Derivative Positions at Nonfinancial Corporations,” Working paper, July 2004.
We will conduct monetary policy in light of this assessment, and if economic activity and prices develop in line with the projection, we will adjust the level of interest rates gradually in the light of developments in economic activity and prices, while maintaining the accommodative financial conditions ensuing from very low interest rates for some time.