In my opinion, this decision is of great importance in making clearer that the Bank aims to conduct monetary policy while taking account of financial system stability. The Bank will continue to conduct monetary policy in an appropriate manner so as to fulfill the two missions of achieving price stability and ensuring the stability of the financial system. Thank you for your attention.
This is reminiscent of the situation that in the 1980s was termed “The Twin Deficits”: the current-account deficit is “twinned” by a large government deficit. Especially international organisations and European economists have begun to describe these deficits as a structural problem for not only the USA, but also for the global economy. The Americans apparently do not consider this to be a fundamental problem.