Central banks’ battle with the global financial crisis showed they could exert a “considerable” impact on long-term interest rates even under today’s highly developed financial markets, a senior Bank of Japan official said on Wednesday.

“What we learned from various practices of monetary policy implementation and existing empirical studies is that the central bank can bring about a sizable effect on long-term interest rates,” BOJ Executive Director Masayoshi Amamiya said in a speech at a seminar.

“There are areas where further understanding is called for, such as controllability of interest rates or their effectiveness as a measure to tackle adverse shocks,” he said.

Under a policy framework adopted in September, the BOJ now guides short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent.