The fact that major advanced economies are all aiming at the 2 percent target level may be one of the factors that are stabilizing exchange rates. II. Monetary Policy The Bank of Japan will persistently continue with accommodative monetary policy until the 2 percent price stability target is achieved (Chart 12).
As responses to COVID-19, the Bank, in cooperation with the government, has taken measures to shore up the economy since 2020. The government has promoted credit guarantees as well as effectively interest-free and unsecured loans to support financial institutions in extending credit, while the Bank has conducted the COVID-19 Special Operations, among other measures.