It is likely to take an extended period of time to achieve the price stability target of 2 percent, beyond the projection period. The inflation momentum is judged as being lost temporarily, and thus the Bank conducted additional monetary easing in March and April.
That said, as the impact of the spread of COVID-19 wanes at home and abroad, the inflation rate is likely to increase gradually with the economy improving. Although it will take time, there is no change in the Bank's stance of aiming to achieve the price stability target.