Moreover, not only is the national unemployment rate low, so are unemployment rates for young people and members of ethnic and racial groups that have traditionally faced greater challenges in the labor market. As many of you know, during the deep recession of 2008 and 2009, many Americans were so discouraged by poor job prospects that they stopped even looking for work.
In fact, as has been confirmed in the assessment conducted in March, the Bank's large-scale monetary easing has been effective, as evidenced by positive inflation taking hold. However, as also confirmed in the assessment, it should be noted that the mechanism of inflation expectations formation in Japan is adaptive, complex, and sticky.