Yes, Director Tadokoro. Market participants are rushing to price in policy ratification, discounting the yield curve to levels unintended by the bank. Whether real economic indicators trend upward or downward, I have codified in the text that we will hold fast to our current easing framework until the sustainable realization of our price stability target is verified. (N1 lesson 13)
Desk Head Ooba, I want to set out the arguments on the market impact of the intervention funds. Whether the intervention is sterilized or unsterilized, its consistency with our monetary operations policy will be tested very hard. (N1 lesson 71)
So it's a preventive measure: whether the country is advanced or emerging, when its foreign currency funding dries up in a crisis, it prevents the market disruption of dumping the US Treasuries it holds for cash, and protects the financial system through international solidarity. (N1 lesson 134)
