Harada Yutaka et al., (Tokyo: Chuokeizai-sha, Inc., 2016). 11  Another criticism that has been leveled against QQE is that it has a negative impact on banks' operations. Both real and nominal interest rates have declined as a result of the bold monetary easing measures.
14. The pandemic has accelerated the push towards digitalisation with greater adoption of digital payments. It is important to take steps to converge greater digitalisation with goals of financial inclusion.