And fourth, the Bank committed to continuing with QQE, aiming  BIS central bankers’ speeches  1  to achieve the price stability target of 2 percent, as long as it was necessary for maintaining that target in a stable manner.
Furthermore, the Bank decided to expand QQE in October 2014 to prevent a risk that conversion of the deflationary mindset would be delayed because, after the consumption tax hike in April that year, it became clear that the negative effects of the hike on economic activity and prices would persist, and also because of the drop in crude oil prices – a factor that would be desirable in the longer term but exert downward pressure on prices in the short term.