As for the future conduct of monetary policy, the Bank will continue with QQE with Yield Curve Control, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. In Japan, there is some argument that the Bank does not need to aim at 2 percent inflation.
However, when adverse shocks hit the economy, it becomes necessary to lower real interest rates sufficiently to support the economy effectively.