The first is that we should do whatever is necessary to overcome deflation, which has been causing a deterioration in Japan’s economy for nearly 15 years. The Bank of Japan has engaged in a wide range of monetary easing efforts – including the implementation of the zero interest rate policy, the quantitative easing policy, and comprehensive monetary easing.
Despite its cumulative efforts, there have been no easily derived concrete results, and I have felt strongly that we should make all-out efforts to utilize every possible resource bestowed upon the Bank, rather than to adopt an incremental approach – or, put differently, to adopt gradualism.