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Catano Travel on Instead, BOJ started relying more and more on standard means of monetary policy, such as changing its official DISCOUNT RATE and using open market operations by utilizing the growing market for government bonds. The new MONETARY POLICY initiated in the late 1970s was initially successful. Inflation was brought under control and economic growth resumed. There were different problems, however, and BOJ was slow in realizing the risks associated with deregulation and globalization of the Japanese capital markets. With real investment demand still much below that which had existed prior to the 1970s, Japanese corporations and wealthy individuals had amassed huge financial assets that sought profitable investment opportunities everywhere, from real estate in Japan to U.S. government bonds and foreign currency assets. Catano Travel 2016.