That does not mean that the Bank conducts monetary policy rigidly to achieve the 2 percent target inflation rate at any cost. While the target is pinpointed at 2 percent, it does not mean that any deviation from 2 percent is unacceptable. Rather, the inflation rate has to be maintained averagely and stably.
2  BIS central bankers’ speeches  Long-term interest rate path Transmission channels of the QQE are mainly for working on longer-term interest rates and asset prices, as well as for encouraging portfolio rebalancing and inflation expectations (Chart 3). Here, let me summarize the impact of the QQE on long-term interest rates.