Specifically, in terms of yield curve control, while maintaining the target level of 10-year JGB yields at around zero percent, the Bank made clear that yields might "move upward and downward to some extent mainly depending on developments in economic activity and prices," thereby securing a certain degree of flexibility in the guideline for market operations.
Under the framework of QQE with Yield Curve Control, Japan's economy has continued on an expanding trend and the output gap has remained positive. As for prices, the underlying trend in the year-on-year rate of change in the CPI excluding fresh food and energy has been generally in positive territory for six years.