Furthermore, in September 2016, the Bank conducted a comprehensive assessment of the developments in Japan's economic activity and prices as well as policy effects since the introduction of QQE, and decided to introduce QQE with Yield Curve Control as a means of strengthening the two previous policy frameworks I just mentioned.
Hence, we must keep our focus on achieving global standards that are credible, and as part of this, agree transition and phase-in arrangements that enable all of us to move there. I will come back to this point. Let me speak to the key areas where we need to make headway in the months ahead.