Let me talk about my view on these criticisms. The first criticism is that the year-on-year rate of increase in the CPI is unlikely to reach about 2 percent – the price stability target – in or around fiscal 2015 as forecasted by the Bank.
In fact, although many private sector economists have recently revised their inflation forecasts upward, these forecasts continue to be conservative compared to that of the Bank. Since QQE is an unprecedented policy, we understand that there remains skepticism regarding the policy’s effectiveness.