Therefore, despite some seeming differences in the mandates written in their respective statutes, there is little practical difference between major central banks across jurisdictions, in that both unemployment and inflation are of central concern in formulating their monetary policies. Nevertheless, there are remarkable differences between the United States, the euro area and Japan in their historical observations of unemployment and inflation.
In this case, prices could be affected to some extent through downward pressure on the output gap, which is one of the important factors that determine price developments. Based on this recognition, since July, the Bank has clearly shown its policy stance of being tilted toward monetary accommodation.