Considering that an increase in labor productivity in itself is not detrimental to Japan's economy, being fixated on the resultant delay in inflation and proceeding with additional easing to confront it should much rather be avoided. This can also be said in terms of seeking a balance between the positive effects and side effects of monetary easing.
As for the third point, speaking of side effects, the side effect on the financial system -- namely, the profitability of financial institutions declining under the prolonged low-interest rate environment, leading to a weakening of their financial intermediation functions -- remains a grave issue in the future conduct of monetary policy.