While our assessment showed that inflation would be slightly below the NG target range for 2016, we expect that inflation would be within the target of 2–4% in 2017–2018, with an upside bias for 2017. In addition, our credit growth suggests favorable monetary conditions, and aggregate demand remains firm.
Therefore there was no strong impetus for us to move policy levers or adjust the stance of monetary policy. 2  2  Summers, L. (2016). “The Age of Secular Stagnation.” Foreign Affairs. February Issue. BIS central bankers’ speeches  In other words, ladies and gentlemen, we have monetary policy space and our current monetary settings are appropriate.