Allow me to repeat the Bank’s current monetary policy stance: “[The Bank] will aim to achieve the goal of 1 percent CPI inflation and continue the pursuit of powerful monetary easing until the goal is in sight, conducting its virtually zero interest rate policy and implementing the Asset Purchase Program mainly through the purchase of financial assets.” As stated in the Minutes of the Monetary Policy Meeting in February 2012, the described policy stance shows that the Bank is committed to implementing additional easing measures, if deemed necessary.
The clarification of the Bank’s determination to overcome deflationary pressures has been understood in financial markets more clearly and widely than before. I think this might have given the impression to some that the Bank has changed.