In this regard, Japan's economy has been heading toward recovery while maintaining a certain continuity. On the other hand, I believe that these responses have enabled the continuation of ineffective business areas that have existed since before the pandemic.
Both our programme of enhanced credit support, the main aim of which was to facilitate banks’ liquidity management and access to funding at a time when money markets in particular started to be dysfunctional, and the more recent Securities Market Programme, under which the ECB intervenes to ensure depth and liquidity in dysfunctional securities market segments, are ultimately aimed at reducing the risks to medium-term price stability arising from the possibility of “disorderly deleveraging” and the associated disruption of the transmission mechanism of monetary policy.