sentences: in addition, the member noted that, with the base rate below the neutral interest rate, the tightening of financial conditions following a rise in long-term interest rates was not yet at a concerning level, and that long-term interest rates, having been lowered excessively due chiefly to the effects of advanced countries’ quantitative easing, had been normalized to some extent, which would have the positive effects of curbing the exposure of the financial system to real estate risks and the risk of further debt leveraging.