As a related issue, I believe additional monetary easing measures should be taken without hesitation so as not to jeopardize the BOJ’s credibility, whenever downside risks to the BOJ’s baseline scenario (of the outlook for economic activity and prices) are judged to have materialized.
That said, there could be instances where it may be appropriate to conduct monetary easing aimed at achieving 2 percent at a pace slower than about two years – provided that the pace of inflation is judged to be creating an excessive burden on households and firms.