We judge that the economy is no longer in deflation, which is generally defined as a sustained decline in prices. 6 / 15  BIS central bankers' speeches  7 / 15  BIS central bankers' speeches  III.
Further evolution of monetary policy: QQE with yield curve control As I just said, QQE has brought about a steady improvement in Japan’s economy, but the price stability target of 2 percent is yet to be achieved. The main reason for this is that inflation expectations remain weak after having made a clear but temporary increase upon the introduction of QQE.