Looking at the CPI for October 2015, the year-on-year rate of change in the CPI for all items less fresh food and energy was 2.0 percentage points higher and that for all items less food and energy was 1.5 percentage points higher than in March 2013, that is, immediately before the introduction of QQE.
As evidenced by these figures, the Bank has the capability as well as the strong will to achieve price stability at 2 percent inflation at the earliest possible time. The Bank of Japan’s price stability target of 2 percent provides a benchmark which firms can refer to when adjusting wages and individual prices.