Draghi vowed to "do whatever it takes to preserve the euro."

European Central Bank President Mario Draghi vowed to "do whatever it takes to preserve the euro." In its policy meeting on Wednesday, the ECB decided to keep its existing monetary policies unchanged. But at a press conference after the meeting Draghi said the ECB doesn't rule out taking "further non-standard monetary policy measures" if needed. He also reconfirmed that the euro is "irreversible."

US Federal Reserve held a Federal Open Market Committee meeting, its policy-deciding function, on Monday and Tuesday. Contrary to market expectations, the Fed kept its monetary policy unchanged, taking no additional easing steps.

Bank of Japan holds a policy meeting starting on Wednesday and Thursday. Japan has been struggling to break out of deflation, which drags prices down over long periods, and the yen continues to strengthen against other currencies. The business community is starting to call for further monetary easing by the BOJ. However, BOJ Governor Masaaki Shirakawa is on record as saying excessive easing could have negative side-effects such as a jump in long-term rates and inflation. That has led to a widespread belief that Shirakawa is reluctant to take further easing measures.

We will ask Rikkyo University Professor Teizo Taiya for his analysis of the responses of the ECB and the Fed, what action he expects the BOJ to take next week, and his outlook for the European crisis in the context of the ECB's expected responses.Media agencies