One interesting feature is that households rely more heavily on general price-related information and various other sources with respect to five-year inflation expectations compared with perceptions of present price levels. For example, they rely relatively more heavily on “media reports on individual prices of goods and services and prices in general” and “developments in foreign exchange rates” (Chart 17). 3.
In addition, the indicators for one- and five-year inflation expectations remain largely unchanged before and after adopting the 2 percent price stability target and QQE. It might appear at first glance that the effects of the monetary policy have been limited.