Conclusion When we announced the PEPP one year ago, the Governing Council declared that it would do everything necessary within its mandate and explore all options and all contingencies to support the economy through this shock. Looking back at the past year, I think we can affirm that we have delivered on this commitment.
Today, I would like to make some remarks on the Bank's view of Japan's recent economic and financial developments and on the thinking behind our recent conduct of monetary policy. I. Developments in Japan’s Economy  Japan's economy continued to deteriorate throughout 2001 and into early 2002, reflecting the rapid deceleration of the world economy due to adjustment in IT-related industries.