The Taylor rule would be one of the most famous benchmarks. However, the Bank of Japan needs to establish a new benchmark that can be applied to the entire yield curve, not to a single short-term interest rate alone.
While the unemployment rate rose, that was largely due to nearly 800,000 people who joined the civilian labor force, many of them drawn in by ample job openings and fast wage growth. At 3.7 percent, the unemployment rate was below the median projection for its long run rate among FOMC participants. Furthermore, initial unemployment claims are very low and stable.