Therefore, the Bank decided to seize this occasion and further enhance monetary easing to better ensure the return of the Japanese economy to sustainable growth with price stability. I believe this action also demonstrates the Bank’s determination to implement its monetary policy commitment, as explained earlier.
Subsequently the improvement in the budget balance is projected to average 0.7 percentage points of GDP per year. The ratio of the public debt to GDP is projected to decline by an average of 2.5 percentage points a year from 2008 through 2011 (1.9 points in 2008, 3.3 points in 2011).