Furthermore, one advantage of yield-curve control is that it strengthens the monetary easing effects by maintaining long-term interest rates at around 0 percent when they are subject to upward pressure; however, controlling long-term yields in a flexible manner is thought to weaken such effects.
Third, as for the Bank's commitment regarding future monetary policy changes and forward guidance for policy rates, my view is that, taking into account the current situation in which the observed inflation rate is still evidently far from the 2 percent price stability target, it is important for the Bank to make clear the influence of its monetary policy on prices and to show its strong determination to achieve the price stability target.