"The first issue concerns the effects of unconventional monetary policy and its transmission channels." ("In October 2014, the Bank of Japan decided to expand quantitative and qualitative monetary easing (QQE). This policy decision aimed at maintaining the improving momentum of expectation formation and at pre-empting manifestation of a risk that the decline in the inflation rate, even though caused by the oil price decline, could delay conversion of the deflationary mindset, which had been progressing steadily under QQE.)"
"The second issue pertains to inflation expectations and the decline in crude oil prices."
"The third issue is how to deal with the international spillovers induced by the diverging directions of monetary policy among advanced economies. I"
"There have been wide-ranging interpretations and views on secular stagnation. In light of the discussions over slow post-financial crisis recoveries, I would like to raise three policy issues."
"The first issue is to what extent central banks should consider the impact on the supply side of the economy in conducting monetary policy."
"The second issue is with regard to what monetary policy tools are desirable under a low natural rate of interest."
"The third issue concerns the optimal policy mix for an economy undergoing medium- to long-term stagnation with a low natural rate of interest. "
Haruhiko Kuroda Governor of the Bank of Japan on June 4th 2015
Without any risk or responsibility
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