On the other hand, in continuing with QQE, I consider it necessary to take into account that this policy is a kind of shock therapy that influences formation of people’s inflation expectations through the lowering of real interest rates and risk premiums brought about by massive asset purchases, as well as through a strong commitment.
The Bank has provided forward guidance – namely, that it will continue with QQE, as long as it is necessary for achieving the price stability target in a stable manner – and of course, the necessity of continuing QQE will be judged in line with this guidance.