In order to achieve the 2 percent price stability target, I think that it is vital to have a positive change in economic structure that would increase the underlying trend in inflation – through, for example, efforts by the government and firms – and that a considerable period of time will be required for this to take place.
Therefore, rather than aiming to achieve the 2 percent price stability target through monetary policy alone in the short term, I believe that resetting the time frame for achieving the target to the medium to long term and conducting monetary policy in a flexible manner – coupled with an improvement in communication with financial markets – will lead to maintaining economic and financial market stability.