13  For more information concerning empirical studies on, and overseas examples of, the effects of outright central bank purchases of government securities on long-term interest rates, see the speech “Recent Economic and Financial Developments and the Conduct of Monetary Policy” I delivered at a meeting with business leaders in Nagano in July 2009, a summary of which is available on the Bank’s web site.
The Bank recognizes that Japan’s economy faces the critical challenge of overcoming deflation and returning to a sustainable growth path with price stability. With such recognition, the Bank has been striving to pursue powerful monetary easing. The Bank will continue to carefully examine the outlook for economic activity and prices and, if judged necessary, will take policy action in a timely and appropriate manner.