If some market participants perceive that the desired inflation rate set by the BOJ is the lower limit of the price stability range, namely 0%, while others regards the upper limit as the desired one, then the signal to stabilize expectations may be muted.
Looking back over these eventful 45 years, I can see a country that has radically transformed itself and its economy, with the Bank of Mauritius (BoM) having continuously reinvented itself to be part of this change process. At the Bank’s foundation in 1967, there was one major industry, sugar. Today, the economy is well-diversified, with many pillars of growth.