A mortgage loan modification which leaves borrowers with insufficient resources to deal with their arrears with credit unions, credit cards and on utilities is unlikely to remain fully serviced. This inhibits the mortgage lender from making an effective modification proposal. Therefore agreements with other creditors are likely to be an essential part of any effective and sustainable mortgage modification.
In the current situation where the CPI remains on a slight downtrend, the Bank is determined to support Japan's economy from the financial side to achieve sustainable economic growth with price stability, by maintaining monetary easing in accordance with the commitment based on the CPI.