To avoid any misunderstanding, I would like to clarify that there has been no change in the Bank’s commitment to achieving the price stability target of 2 percent at the earliest possible time.
Transforming people’s deflationary mindset and raising inflation expectations through this commitment is itself the aim of overcoming deflation, and at the same time the starting point of the effects of QQE and “QQE with a Negative Interest Rate.” Firms’ and households’ inflation perceptions have changed markedly under this commitment.