The Bank fully recognizes the fact that inflation targeting could be an important policy tool for the purpose, once we enter the stage where manoeuvrability is restored to monetary policy and the transmission mechanism recovers its function. The Bank will continue to examine the issue in the future.
Bearing the lack of such manoeuvrability and the malfunctioning of transmission mechanism at present, however, I think it is critically important and urgent to take practical steps to restore the effectiveness of the transmission mechanism through which monetary easing influences economic activity and prices.