However, as I have just mentioned, the CPI has an upward bias, and thus, when defining the price stability target in the form of the year-on-year rate of change in the CPI, it needs to be presented as a somewhat positive figure.
C.  Ensuring room to reduce interest rates: the so-called buffer  Let me turn to the view that there is a need to secure room for an interest rate reduction by maintaining a positive inflation rate, thereby enhancing the ability of monetary policy to respond to economic deterioration; that is, that there is a need to have the so-called buffer.