On February 14 of this year, the Bank introduced “the price-stability goal in the medium to long term” – defined as the inflation rate consistent with price stability sustainable over the medium to long term. The purpose of this action was to promote public understanding of the Bank’s determination to overcome deflation.
It was decided that the goal would be within a positive range of 2 percent or lower in terms of the year-on-year rate of change in the CPI, and the goal was set at 1 percent for the time being.