As mentioned earlier, the median of the Policy Board members’ forecasts for the year-onyear rate of change in the CPI excluding the direct effects of the consumption tax hike is 0.9 percent for fiscal 2014.
They have to be willing to take a risk – on a new project, a new product, a new market, a new worker. Monetary policy can’t force spending to occur. That is why the conduct of other policies is also important.